Scarcity is a problem: a. measured by the amount of goods available. b. of the p

Question

Scarcity is a problem: a. measured by the amount of goods available. b. of the poor, but not the rich. c. because human wants are unlimited while resources are limited. d. only in industrialized economies. 1. An economics textbook is an example of a. capital. b. labor. c. a natural resource. d. entrepreneurship. 2. 3. A chain saw is an example of which of the following factors of production? a. Land. b. Labor. c. Capital. d. None of the above. 4. The central question in economics is how to: a. b. c. d. deal with the problem of scarcity change government economic policy. change people's wants to match their needs. manage money and become wealthy 5. Determining the price of compact discs is a concern of: a. macroeconomics. b. microeconomics. c. both macroeconomics and microeconomics. d. neither macroeconomics or microeconomics. 6. Because of the problem of scarcity, each economic system must make which of the following choices? a. How to produce? b. What to produce? c. For whom to produce? d. All of the above. 7. 7. Bill has $10 to spend on a Superman, Batman, or an X-Men T-shirt. Bill buys the Superman T-shirt and the Batman shirt was a close second choice. What is the opportunity cost? a. The amount he spend, $10. b. Nothing, since he got his preferred choice. c. The Batman T-shirt. d. The X-Men T-shirt.

Explanation / Answer

Ans)

1.
Scarcity is a problem
c. because human wants are unlimited while resources are limited.
Scarcity is a problem because there are limited resources available which have to be allocated among unlimited wants.Human beings have unlimited wants but only limited resources to satisfy these wants.This is where economics addresses the three question of what, how much and for whom to produce.

2.
An economics textbook is an example of a.
capital
In economics capital can be anything which increases the ability to produce which in this case would be knowledge.

3.
A chain saw is an example of
c. Capital
In economics capital can be anything which increases the ability to produce .

4.
a. deal with the problem of scarcity.
The central problem in economics is to address the problem of scarcity, how to allocate limited resources to unlimited wants.

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