Which of the following illustrates the concept of scarcity?O There are many competing uses for the annual budget of your city, county, or state.All are illustrations of the concept of scarcity.O There is usually more than one use of your "free" time in the evening.O More clean air is wanted than is available in large polluted metropolitan areas such as Mexico City.Qui

It is a fact that resources are scarce and the human wants are unlimited.

Answered: Which of the following illustrates the…

Business

Economics

Which of the following illustrates the concept of scarcity?

MACROECONOMICS FOR TODAY

10th Edition

ISBN:9781337613057

Author:Tucker

Publisher:Tucker

Chapter1: Introducing The Economic Way Of Thinking

Section: Chapter Questions

Problem 1SQ

See similar textbooks

Similar questions

Q14
3
how does transportation address the economic problem of scarcity
Which of the following describes the difference between "scarcity" and "shortage"? O There is no difference; either word can be used to describe the situation that exists when there is less of a good or service available than people want. O In the economic sense, almost everything is scarce. A shortage of a good or service occurs when the quantity demanded is greater than the quantity supplied at the current market price. O There is a shortage of almost everything. Scarcity occurs only if the quantity demanded of a good or service is greater than the quantity supplied at the current market price. O In the economic sense, almost everything is scarce. A shortage of a good or service occurs when the quantity demanded is greater than the quantity supplied at the equilibrium price.
1. Assume Jenny is trying to decide whether or not to see a movie. Why would she be more likely to focus on the $10 ticket price rather than the $20 she would fail to earn by not working during that time. 2. What is your opportunity cost of attending a 3pm class? Is it different than your opportunity cost of taking the same class at 8am? 3. Explain why there is always scarcity, even if there is a surplus in a particular market. 4. Match each of the following to one (or more) graphs below: a. Inefficient production of meat and fish b. Productive efficiency c. Technological advances in the production of meat and fish d. The law of increasing opportunity cost e. An unattainable combination of meat and fish
1. Briefly discuss the basic economic concerns of scarcity, choice, and opportunity costs.
Sue Tom Good A 10 4 Select one: Good B 15 5 As shown in the table above, Sue and Tom each can produce two different types of goods. For Sue, if she only produces Good A, then she can produce 10 units of Good A per day. If she only produces Good B, then she can produce 15 units of Good B per day. For Tom, if he only produces Good A, then she can produce 4 units of Good A per day. If she only produces Good B, then she can produce 5 units of Good B per day. Which of the following statement is correct about comparative advantage? O a. Tom has a comparative advantage over Sue in the production of Good A. Sue has a comparative advantage over Tom in the production of Good B O b. Tom has a comparative advantage over Sue in both tasks O c. Sue has a comparative advantage over Tom in both tasks O d. Sue has a comparative advantage over Tom in the production of Good A. Tom has a comparative advantage over Sue in the production of Good B
3. What are the three common pitfalls that people make when they do "cost-benefit" analysis. Explain why the opportunity cost of walking downtown to save $10 on a $2000 laptop is the same as walking downtown to save $10 on a $25 book.
(1). Which of the following is the best definition of economics? A) the study of how individuals and societies choose to use the scarce resources that nature and previous generations have provided B) the study of how consumers spend their income C) the study of how business firms decide what inputs to hire and what outputs to produce D) the study of how the federal government allocates tax dollars
Which of the following is(are) good example(s) for explaining the economic concept of scarcity? (We talked about them in the lectures.) ''For a 1000-mile trip to Florida should I drive or should I take the bus'' example The day care center example where parents pay a small fee when they are late to pick up their kids The open buffet brunch example The model of the production possibilities frontier 'Heather how much compost to use for the tomatoes'' example
Two men, Robinson Crusoe and Friday, have been marooned separately on the same deserted island. There are two activities each man can undertake to obtain food: fishing and gathering coconuts. Robinson Crusoe can catch 40 fish per hour or gather 10 coconuts per hour. Friday can catch 10 fish per hour or gather 8 coconuts per hour. Answer the following questions: A. Who is more efficient in each activity? Could either or both of them benefit from meeting and deciding to form a trading relationship? Explain intuitively. B. Robinson and Friday have not yet met. Robinson is working 2 hours a day and producing (and consuming) 48 fish and 8 coconuts (note: the fish are very small). Friday is also working 2 hours a day, but he is producing and consuming 15 fish and 4 coconuts. Now assume that Robinson and Friday meet and develop a trading relationship. Come up with a production and trading scheme such that they can each work the same amount per day as before, but each is better off…
Why does the fact that something is scarce require that we make choices