Survey Of Economics
10th Edition
ISBN: 9781337111522
Author: Tucker, Irvin B.
Publisher: Cengage,
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Question
Chapter 1, Problem 8SQ
To determine
The condition of scarcity.
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Students have asked these similar questions
True or false?
Part A.Millionaires do not face the problem of scarcity.
Part B.The factors of production include all goods and services produced in an economy.
Part C.The United States is one of the least “marketized” economies in the world.
Economists use the phrase ceteris paribus to express the assumption
Select one:
a. "all else equal."
b. "everything affects everything else."
C. "there is no such thing as a free lunch."
d. "scarcity is a fact of life."
Write TRUE if the statement is right and FALSE if it is wrong:
_____ 9. We run into scarcity due to the fact that people have limited wants.
_____ 10. People need to allocate resources efficiently because resources are limited to meet peoples unlimited wants.
Chapter 1 Solutions
Survey Of Economics
Ch. 1.6 - Prob. 1.1YTECh. 1.6 - Prob. 2.1YTECh. 1.6 - Prob. 2.2YTECh. 1.6 - Prob. 2.3YTECh. 1.A - Prob. 1SQPCh. 1.A - Prob. 2SQPCh. 1.A - Prob. 1SQCh. 1.A - Prob. 2SQCh. 1.A - Prob. 3SQCh. 1.A - Prob. 4SQ
Ch. 1.A - Prob. 5SQCh. 1.A - Prob. 6SQCh. 1.A - Prob. 7SQCh. 1.A - Prob. 8SQCh. 1.A - Prob. 9SQCh. 1.A - Prob. 10SQCh. 1.A - Prob. 11SQCh. 1.A - Prob. 12SQCh. 1.A - Prob. 13SQCh. 1.A - Prob. 14SQCh. 1.A - Prob. 15SQCh. 1.A - Prob. 16SQCh. 1.A - Prob. 17SQCh. 1.A - Prob. 18SQCh. 1.A - Prob. 19SQCh. 1.A - Prob. 20SQCh. 1 - Prob. 1SQPCh. 1 - Prob. 2SQPCh. 1 - Prob. 3SQPCh. 1 - Prob. 4SQPCh. 1 - Prob. 5SQPCh. 1 - Prob. 6SQPCh. 1 - Prob. 7SQPCh. 1 - Prob. 8SQPCh. 1 - Prob. 1SQCh. 1 - Prob. 2SQCh. 1 - Prob. 3SQCh. 1 - Prob. 4SQCh. 1 - Prob. 5SQCh. 1 - Prob. 6SQCh. 1 - Prob. 7SQCh. 1 - Prob. 8SQCh. 1 - Prob. 9SQCh. 1 - Prob. 10SQCh. 1 - Prob. 11SQCh. 1 - Prob. 12SQCh. 1 - Prob. 13SQCh. 1 - Prob. 14SQCh. 1 - Prob. 15SQCh. 1 - Prob. 16SQCh. 1 - Prob. 17SQCh. 1 - Prob. 18SQCh. 1 - Prob. 19SQCh. 1 - Prob. 20SQ
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Similar questions
- Normative economic statements? a. contain value judgements b. are usually irrational c. are easily testable d. violate the law of ceteris paribusarrow_forwardIn a world of scarcity, it is impossible to: A. Satisfy all basic human needsB. Meet all of societies wantsC. Find more resources to satisfy more human wants. D. Find the best employee or organization.arrow_forwardChoose the correct answer:arrow_forward
- The unemployment rate of Oman is measured as 2.55% in 2020, which is lower than the rate of India. Analyze, what type of a statement is this? a. Analytical statement b. Positive statement c. Negative statement d. Normative statementarrow_forwardThe fundamental economic problem is one of scarcity. The basic questions of economics become: What to produce? How to produce? For whom to produce?arrow_forwardWhich of the following is a positive, rather than a normative, statement?a. Law X will reduce national income.b. Law X is a good piece of legislation.c. Congress ought to pass law X.d. The president should veto law X.arrow_forward
- Scarcity is a problem because... Group of answer choices There are not enough resources to produce all the goods and services people want to purchase. There are only small quantities of resources available on earth Not everyone has the same amount of resources, such as land and labor Unemployment exists, and therefore some people do not have enough resources to meet their basic needs.arrow_forwardWhich of the following examples illustrate why even the 1,826 billionaires in the world face scarcity? 1. Mark Zuckerberg wants everyone in the world to have Internet access. 2. Donald Trump ran for the job of President of the United States. 3. Bill Gates wants to eradicate malaria. 4. George Soros thinks China will implode. 5. Warren Buffet is a successful fund manager. 6. Sergey Brin wants the content of every book ever published to be available to a Google search. The examples above that illustrate scarcity are numbered 2, 4, and 6 O 1, 3, and 6 1, 3, and 5 2, 4, and 5arrow_forwardDescribe scarcity an explain how is thinking like an economist help when faced with scarcity?arrow_forward
- Answer the given question with a proper explanation and step-by-step solution. Scarcity means A. time and resources spent researching a cure for breast cancer are time and resources that could have been spent researching cures for lymphoma. B. 25 year olds might be more willing to start a family than 35 year olds. C. government funding of federal programs equals the amount paid in taxes. D. all consumers are assumed to have limited financial resources. E. money flows in a circle.arrow_forwardEconomists sometimes disagree; why? Group of answer choices A. by not computing the opportunity cost for relevant alternatives B. when they discuss positive statements or questions of what is? C. when they discuss normative statements or questions of what ought to be? D. they always agreearrow_forwardWhich of the following is a normative economic statement? a. The national unemployment rate in January of this year was 5.5%. b. The government should commit to reducing income inequality. c. The inflation rate next year will be less than 3%. d. A reduction in the government deficit by 1% will make interest rates decrease 1%.arrow_forward
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