The need for a rationing device.

Question

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Answer 1

Question

Chapter 4, Problem 1QP

To determine

The need for a rationing device.

Expert Solution & Answer

Explanation of Solution

The given statement is false. The need for a rationing device arises due to the scarcity of resources. We know that the human wants are unlimited though we have only limited resources. Rationing is an effective measure that allocates the limited resources to the people who want to consume them. Rationing also acts as an incentive for the producers to increase their production as they are profit driven. Without an efficient rationing device, the resource cannot be distributed and hence the given statement is not correct.

Economics Concept Introduction

Scarcity: Scarcity refers to the limited availability of resources than the required level.

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Answer 2

Question

Chapter 4, Problem 1QP

To determine

The need for a rationing device.

Expert Solution & Answer

Explanation of Solution

The given statement is false. The need for a rationing device arises due to the scarcity of resources. We know that the human wants are unlimited though we have only limited resources. Rationing is an effective measure that allocates the limited resources to the people who want to consume them. Rationing also acts as an incentive for the producers to increase their production as they are profit driven. Without an efficient rationing device, the resource cannot be distributed and hence the given statement is not correct.

Economics Concept Introduction

Scarcity: Scarcity refers to the limited availability of resources than the required level.

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05:54

Answer 3

Question

Chapter 4, Problem 1QP

To determine

The need for a rationing device.

Expert Solution & Answer

Explanation of Solution

The given statement is false. The need for a rationing device arises due to the scarcity of resources. We know that the human wants are unlimited though we have only limited resources. Rationing is an effective measure that allocates the limited resources to the people who want to consume them. Rationing also acts as an incentive for the producers to increase their production as they are profit driven. Without an efficient rationing device, the resource cannot be distributed and hence the given statement is not correct.

Economics Concept Introduction

Scarcity: Scarcity refers to the limited availability of resources than the required level.

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

05:54

Answer 4

Question

Chapter 4, Problem 1QP

To determine

The need for a rationing device.

Expert Solution & Answer

Explanation of Solution

The given statement is false. The need for a rationing device arises due to the scarcity of resources. We know that the human wants are unlimited though we have only limited resources. Rationing is an effective measure that allocates the limited resources to the people who want to consume them. Rationing also acts as an incentive for the producers to increase their production as they are profit driven. Without an efficient rationing device, the resource cannot be distributed and hence the given statement is not correct.

Economics Concept Introduction

Scarcity: Scarcity refers to the limited availability of resources than the required level.

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!

05:54

Answer 5

Chapter 4, Problem 1QP

To determine

The need for a rationing device.

Expert Solution & Answer

Explanation of Solution

The given statement is false. The need for a rationing device arises due to the scarcity of resources. We know that the human wants are unlimited though we have only limited resources. Rationing is an effective measure that allocates the limited resources to the people who want to consume them. Rationing also acts as an incentive for the producers to increase their production as they are profit driven. Without an efficient rationing device, the resource cannot be distributed and hence the given statement is not correct.

Economics Concept Introduction

Scarcity: Scarcity refers to the limited availability of resources than the required level.

Answer 6

Chapter 4, Problem 1QP

To determine

The need for a rationing device.

Expert Solution & Answer

Explanation of Solution

The given statement is false. The need for a rationing device arises due to the scarcity of resources. We know that the human wants are unlimited though we have only limited resources. Rationing is an effective measure that allocates the limited resources to the people who want to consume them. Rationing also acts as an incentive for the producers to increase their production as they are profit driven. Without an efficient rationing device, the resource cannot be distributed and hence the given statement is not correct.

Economics Concept Introduction

Scarcity: Scarcity refers to the limited availability of resources than the required level.

Answer 7

Chapter 4, Problem 1QP

To determine

The need for a rationing device.

Answer 8

Expert Solution & Answer

Explanation of Solution

The given statement is false. The need for a rationing device arises due to the scarcity of resources. We know that the human wants are unlimited though we have only limited resources. Rationing is an effective measure that allocates the limited resources to the people who want to consume them. Rationing also acts as an incentive for the producers to increase their production as they are profit driven. Without an efficient rationing device, the resource cannot be distributed and hence the given statement is not correct.