The reason resources can be scarce in a rich country like America.

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Answer 1

Question

Chapter 1, Problem 1QFD

To determine

The reason resources can be scarce in a rich country like America.

Expert Solution & Answer

Explanation of Solution

The economy is based on the following points:

1) There is a scarcity of resources.

2) People have unlimited wants.

3) Resources have many alternatives.

Though America is a rich country, people still have unlimited wants. Their desires are never-ending which outpace the ever-rising desires. People need to have more luxury and facilities. Also, due to continuous advancing technology, the demand for new gadgets and devices increase simultaneously. The examples can be shown below:

a) Though they already have mobile phones, they want new models with new technology. This encourages continuous innovations in technology.

b) The demand for new models of automobiles never ends.

The purchasing power of people in an economy is high in a rich country. So, people can buy and use the resources, no matter how much amount is there. Thus, it can be said that resources can be “scarce”.

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C1 The following model can be used to study whether campaign expenditures affect election outcomes: voteA = 0 + B₁ log(expendA) + ẞ₂ log(expendB) + ẞ3 prtystrA + u, where voteA is the percentage of the vote received by Candidate A, expendA and expend are campaign expenditures by Candidates A and B, and prtystrA is a measure of party strength for Candidate A (the percentage of the most recent presidential vote that went to A's party). == (i) (ii) (iii) (iv) What is the interpretation of B₁? In terms of the parameters, state the null hypothesis that a 1% increase in A's expenditures is offset by a 1% increase in B's expenditures. Estimate the given model using the data in VOTE1.DTA and report the results in usual form. Do A's expenditures affect the outcome? What about B's expenditures? Can you use these results to test the hypothesis in part (ii)? Estimate a model that directly gives the t statistic for testing the hypothesis in part (ii). What do you conclude? (Use a two-sided…

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Answer 2

Question

Chapter 1, Problem 1QFD

To determine

The reason resources can be scarce in a rich country like America.

Expert Solution & Answer

Explanation of Solution

The economy is based on the following points:

1) There is a scarcity of resources.

2) People have unlimited wants.

3) Resources have many alternatives.

Though America is a rich country, people still have unlimited wants. Their desires are never-ending which outpace the ever-rising desires. People need to have more luxury and facilities. Also, due to continuous advancing technology, the demand for new gadgets and devices increase simultaneously. The examples can be shown below:

a) Though they already have mobile phones, they want new models with new technology. This encourages continuous innovations in technology.

b) The demand for new models of automobiles never ends.

The purchasing power of people in an economy is high in a rich country. So, people can buy and use the resources, no matter how much amount is there. Thus, it can be said that resources can be “scarce”.

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Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 3

Question

Chapter 1, Problem 1QFD

To determine

The reason resources can be scarce in a rich country like America.

Expert Solution & Answer

Explanation of Solution

The economy is based on the following points:

1) There is a scarcity of resources.

2) People have unlimited wants.

3) Resources have many alternatives.

Though America is a rich country, people still have unlimited wants. Their desires are never-ending which outpace the ever-rising desires. People need to have more luxury and facilities. Also, due to continuous advancing technology, the demand for new gadgets and devices increase simultaneously. The examples can be shown below:

a) Though they already have mobile phones, they want new models with new technology. This encourages continuous innovations in technology.

b) The demand for new models of automobiles never ends.

The purchasing power of people in an economy is high in a rich country. So, people can buy and use the resources, no matter how much amount is there. Thus, it can be said that resources can be “scarce”.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 4

Question

Chapter 1, Problem 1QFD

To determine

The reason resources can be scarce in a rich country like America.

Expert Solution & Answer

Explanation of Solution

The economy is based on the following points:

1) There is a scarcity of resources.

2) People have unlimited wants.

3) Resources have many alternatives.

Though America is a rich country, people still have unlimited wants. Their desires are never-ending which outpace the ever-rising desires. People need to have more luxury and facilities. Also, due to continuous advancing technology, the demand for new gadgets and devices increase simultaneously. The examples can be shown below:

a) Though they already have mobile phones, they want new models with new technology. This encourages continuous innovations in technology.

b) The demand for new models of automobiles never ends.

The purchasing power of people in an economy is high in a rich country. So, people can buy and use the resources, no matter how much amount is there. Thus, it can be said that resources can be “scarce”.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Chapter 1, Problem 1QFD

To determine

The reason resources can be scarce in a rich country like America.

Expert Solution & Answer

Explanation of Solution

The economy is based on the following points:

1) There is a scarcity of resources.

2) People have unlimited wants.

3) Resources have many alternatives.

Though America is a rich country, people still have unlimited wants. Their desires are never-ending which outpace the ever-rising desires. People need to have more luxury and facilities. Also, due to continuous advancing technology, the demand for new gadgets and devices increase simultaneously. The examples can be shown below:

a) Though they already have mobile phones, they want new models with new technology. This encourages continuous innovations in technology.

b) The demand for new models of automobiles never ends.

The purchasing power of people in an economy is high in a rich country. So, people can buy and use the resources, no matter how much amount is there. Thus, it can be said that resources can be “scarce”.

Answer 6

Chapter 1, Problem 1QFD

To determine

The reason resources can be scarce in a rich country like America.

Expert Solution & Answer

Explanation of Solution

The economy is based on the following points:

1) There is a scarcity of resources.

2) People have unlimited wants.

3) Resources have many alternatives.

Though America is a rich country, people still have unlimited wants. Their desires are never-ending which outpace the ever-rising desires. People need to have more luxury and facilities. Also, due to continuous advancing technology, the demand for new gadgets and devices increase simultaneously. The examples can be shown below:

a) Though they already have mobile phones, they want new models with new technology. This encourages continuous innovations in technology.

b) The demand for new models of automobiles never ends.

The purchasing power of people in an economy is high in a rich country. So, people can buy and use the resources, no matter how much amount is there. Thus, it can be said that resources can be “scarce”.

Answer 7

Chapter 1, Problem 1QFD

To determine

The reason resources can be scarce in a rich country like America.

Answer 8

Expert Solution & Answer

Explanation of Solution

The economy is based on the following points:

1) There is a scarcity of resources.

2) People have unlimited wants.

3) Resources have many alternatives.

Though America is a rich country, people still have unlimited wants. Their desires are never-ending which outpace the ever-rising desires. People need to have more luxury and facilities. Also, due to continuous advancing technology, the demand for new gadgets and devices increase simultaneously. The examples can be shown below:

a) Though they already have mobile phones, they want new models with new technology. This encourages continuous innovations in technology.

b) The demand for new models of automobiles never ends.

The purchasing power of people in an economy is high in a rich country. So, people can buy and use the resources, no matter how much amount is there. Thus, it can be said that resources can be “scarce”.