Answered: Goods and services are scarce because…

Business

Economics

Goods and services are scarce because resources are scarce. Select one: O a. True O b. False

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Related questions

Q: The law referenced in the previous question is based on the fact that: Economic resources are not…

A: The law of scarcity is a fundamental principle in economics that recognizes the limited nature of…

Q: The statement "U.S. Government should raise minimum wage to $15 an hour" is Select one: O a. a…

A: The terms 'positive' and 'normative' economics are frequently used by economists. Positive economics…

Q: You were recently hired at a new job. You start next week. This is an example of a Choose one: O A.…

A: Economics has different aspects:- industrial economics, health economics, environmental economics…

Q: Which of the following concepts can be used to explain why production possibility frontiers is…

A: The graph known as the Production Possibilities Frontier (PPF) illustrates all the possible output…

Q: Choose the statement that does not describe Microeconomics. O a. All of these O b. The purchasing…

A: Economics is the study of production, distribution, and consumption when the resources are scarce in…

Q: Think of the production possibilities frontier (PPF) model. When society is producing the largest…

A: Production possibility frontier (PPF) depicts the combination of two goods which society can produce…

Q: Q16. In a competitive market, all of the choices along the production possibility frontier display_…

A: Productive and allocative are two types of economic efficiency.

Q: So the last is it the fact that resources are scarce or law of increasing opportunity costs ? Cannot…

A: At the point when economists allude to the "opportunity cost" of an asset/resources, they mean the…

Q: A. It can adjust to change over time B. it gives producers and consumers a great deal of freedom OC.…

A: In the market economy, all financial pursuits are coordinated and worked through the market. It is…

Q: Statements about "what is" are called Select one: O A. positive statements. OB. hypotheses. OC.…

A: Hypotheses are sets of assumptions or predictions that is made based on some evidence. They are the…

Q: Which of the following questions does an economic system answer? Choose one or more: O A. Why should…

A: An economic system refers to the organized set of institutional arrangements and mechanisms through…

Q: ways thought that learning to play the guitar would be fun. However, this activity would cost money…

A: The opportunity cost is the give up cost of an individual when they are taking alternative choices…

Q: 18. How prices allocate resources Suppose that there are three plots of mountain resort land…

A: In a market, a seller and a buyer interact and make a transaction is they both are able to gain…

Q: If producing 200 buttons and 200 safety pins daily is a 50% split of resources, where do we see the…

A: Opportunity cost: It is the measurement of the sacrifice. Opportunity costs exist in the economy…

Q: In 2004, hurricanes damaged large parts of Florida, destroying homes, businesses, schools, and…

A: In an economy, any natural uncertainties will affect the market condition because it might result in…

Q: The problem of scarcity O A. exists because the unlimited human wants cannot be satisfied with…

A: The inputs or assets used in the production of goods and services to satisfy human wants and needs…

Q: Refer to Figure 3-5. What is the opportunity cost of one pair of tap shoes for Fred? Select one: O…

A: Opportunity cost is defined as the cost of next best alternative foregone Now in this case the…

Q: The word economics is closely associated with the word a. free b. all of the above c. plenty d.…

A: The global economy is the aggregation of all the economies together. The characteristics of the…

Q: The production possibilities frontier bows outward because OA. resources are of uniform quality. OB.…

A: The Production Possibilities Frontier (PPF) is a graphical representation that illustrates the…

Q: A town can produce one pound bags of raisins or bottles of wine. The table below displays the…

A: Production possibilities frontier shows different combinations of two goods that can be produced…

Q: Opportunity cost and production possibilities Musashi is a skilled toy maker who is able to produce…

A: Note: Since, you've posted question with multiple sub-parts, we will solve the first the first three…

Q: Due to resource scarcity, O economic activities have opportunity costs generally lower than their…

A: Option C Resource scarcity means that all economic activities have a opportunity cost associated…

Q: Refer to the figure at right. Production at Point F OA. can only be attained by giving up Point E of…

A: A production possibility curve (PPC) is a graph that shows the different combinations of two goods…

Q: Imagine that you are a barber in a world withoutmoney. Explain why it would be tricky to…

A: Bartering is based on the following basic concept: two people discuss the relative value of their…

Q: Combinations of goods on the production possibilities curve O can be produced using currently…

A: Correct : can be produced using currently available resources and technology.

Q: The opportunity cost of producing another unit of butter is 14 12 C 2 3 Butter Select one: O a.…

A: Given : Two goods are produced in the economy, guns and butter. Opportunity Cost is the value of…

Q: O scarcity O comparative advantage O marginal thinking

A: Shortage or scarcity is one of the critical ideas of financial matters. It implies that the interest…

Q: Consider the following Production Possibilities Frontier. Which of the following statement is…

A: A graph known as a Production Possibilities Frontier (PPF) illustrates the various pairings of two…

Q: A point inside a production possibilities frontier OA. is unattainable. OB. indicates that some…

A: Understanding the position of a point inside a production possibilities frontier (PPF) is crucial…

Q: Indicate whether each of the following news items is a positive or a normative statement. 1. Music…

A: Scarcity and its implications for resource usage, product and service creation, productivity and…

Q: economy is producing point production possib that they are producing efficiently, but we do not know…

A: The question is asking whether an economy producing at a point on its production possibilities…

Q: about what goods should be produced by: tal factors of production needed to make unlimited resources…

A: It can be described as the most basic concept of economics whole economics depends on the basis of…

Q: Does this production possibilities curve show increasing opportunity costs? Explain

A: The curve that depicts the combination of goods that could be produced using the resources being…

Q: When a command economy is utilized to resolve economic questions regarding the allocation of…

A: Economics is the study of how the scarce resources of society are exploited into useful things. It…

Q: Capital goods Figure 1 A B C . D Consumer goods Refer to Figure 1. At point A, the opportunity cost…

A: The value of the next best choice that must be given up or sacrificed when a decision is made to…

Q: Identify the TRUE statement that describes capitalism, command or mixed economies. O a. Scarcity of…

A: There are various types of economic systems with different features. The command economy is an…

Q: Which of the following is true of the production possibilities curve? O It shows the minimum…

A: The production possibilities curve (PPC) is a graphical representation that illustrates the maximum…

Q: Fred and Ann both decide to see the same movie when they are given free movie tickets. We know that…

A: The opportunity cost is the next best alternate or the next best alternate that is given up.

Q: Constant returns to scale (CRS) implies variable total factor productivity constant returns to…

A: At the marketplace, the term return to scale is used to make economic analysis of the production…

Q: D 40 60 80 100 Grade on Accounting exam a. Mark a point "A" where the opportunity cost of studying…

A: A production possibility frontier (PPF) shows the maximum possible output combinations of two goods…

Q: In a world of scarcity, we will never O satisfy all basic human needs. O meet all of society's…

A: In a world of scarcity, the notion of satisfying all basic human needs or meeting all of society's…

Q: To which one of the following would the Sale of Goods Act not apply? Select one: a. The purchase of…

A: Sale of goods act is intended to fill the gaps in the terms of a contract,applies to retail and…

Q: Ceteris paribus is the Latin expression for O a. The eror of reasoning that a first event causes a…

A: Economics is the branch of social science and is regarded as the Queen of social science. The word…

Q: Consider the production possibilities frontier displayed in the figure shown. If society is…

A: The Production Possibilities Frontier (PPF) shows the maximum attainable combinations of two goods…

Q: ue alse JESTION 16 nomies grow in both the short run and the long run at regular and predictable…

A: (15) FALSE Each economic system has its own distinctive attributes, in spite of the fact that they…

Q: Who wrote the book The World is Flat Select one: O a. Thomas Friedman

A: For the given question, the author of the book the world is flat need to be answered.

Question

Goods and services are scarce because resources are scarce.
Select one:
O a. True
O b.
False

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

Q6
A business model explains: Select one: O a. How the organization creates value O b. How the organization captures value O c. How the organization delivers value O d. All of the above
a. Consider the following statement: "The market system is a profit-and-loss system." This statement is O false, because the market system does much more than provide profits and losses. O true, because consumers purchase only what they want, producers will earn profits. O true, because producer decisions are motivated by the attempt to earn profits. O false, because consumers purchase only what they want, producers will earn profits.
A reason to study economics is to Select one: make money in the stock market. O a. O b. learn a way of thinking. O c. to decide whether to buy a new house O d. get a high paying job.
Dina's Diner only produces sliders and hot wings. Can you explain the opportunity cost pattern as you move from point E to D to C in the table below? Production Possibility Table for Dina's Diner Choice A B C D E Quantity of Quantity of Sliders Hot Wings Produced Produced 80 F3 75 65 50 30 0 Q 10 F4 20 O the opportunity cost of producing hot wings remains the same from E to D to C. there is increasing marginal opportunity cost of sliders. no such restaurant would ever exist so there is no answer. there is decreasing marginal opportunity cost of sliders 30 40 오 F5 MacBook Air FO 8 F7 DII FB DD F9
12. How are money cost and opportunity cost related to each other? a. Opportunity cost must always exceed money cost. b. They are always identical in any economic system. c. If markets function well, they are closely related. d. In a market economy, they must be equal to each other. e. Money cost is greater than or equal to opportunity cost.
Table 2-1 Production Possibilities Tennis Rackets Tennis Balls 100 200 300 8,000 6,500 ? Refer to Table 2-1. If the production possibilities frontier is bowed outward, then which of the following could be the maximum number of tennis balls produced when 300 tennis rackets are produced? O a. 6,000. b. 5,500. O c. 5,000. O d. 4,500.
22
Which one below is FALSE for economic theories or models. Select one: O a. They are generalizations used to give context to our observations. O b. They attempt to establish cause and effect between economic variables. O c. They are built with assumptions and then tested with facts. O d. They always reflect reality.
How are money cost and opportunity cost related to each other? a. Opportunity cost must always exceed money cost. b. They are always identical in any economic system. c. If markets function well, they are closely related. d. In a market economy, they must be equal to each other. e. Money cost is greater than or equal to opportunity cost.
Can you answer please?
Refer to the production possibility frontiers for two friends Frodo and Sam who can both produce Ice creams and Jelly beans. Frodo's maximum production of Ice creams is 500 with no Jelly beans, or 2,000 Jelly beans with no Ice creams. Sam's maximum production of Ice creams is 600 with no Jelly beans, or 1,200 Jelly beans with no Ice creams. ICE CREAMS ICE CREAMS 600 500 1200 JELLY BEANS 2000 JELLY BEANS Frodo' PPF Sam's PPF Answer briefly these TWO questions in the box space provided below. Part A: Assuming efficient production without trade, derive the maximum amount of Jelly beans that can be produced by Sam along with 300 Ice creams. Describe your steps in detail. Part B: Assume that Frodo and Sam agree to specialize in production and trade between themselves. Frodo offers 1,000 Jelly beans to Sam in exchange for 300 lce creams. Would Sam agree to this trade?