The statement that describes the term Scarcity is O a. a shortage of resources, goods or services O b. No wants are found in the economy O c. there is too much competition in the market O d. the government is spending too much

The statement that describes the term Scarcity is O a. a shortage of resources, goods or services O b. No wants are found in the economy O c. there is too much competition in the market O d. the government is spending too much

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Concept explainers

Opportunity Cost Analysis

Opportunity cost refers to the loss of potential benefits when choosing one alternative over another. It is the tradeoff a person makes, or the potential gains they miss out on, because of their choice. To analyze opportunity cost, we must consider the benefits and tradeoffs of each available option.

Question

Answer both sir please I will rate sir please

The statement that describes the term Scarcity is
O a.
a shortage of resources, goods or services
O b. No wants are found in the economy
c.
O c. there is too much competition in the market
O d. the government is spending too much
Which of these items will increase the level of national income?
O a. Higher gross output
O b. Lower net factor income from abroad
O c Higher intermediate consumption
O d. Higher depreciation

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