History Book marks Window Help Review Test Submission: EXAM I ch 1, 2 and 3-$216
ID: 1225024 • Letter: H
Question
History Book marks Window Help Review Test Submission: EXAM I ch 1, 2 and 3-$216 lackbeard.com A population that is unwilling to take rieks, beleves thore is a high chance thet they wilbe cahe i they con't pay thair share and places a high vasu on doing the "ighf thing c. A population that is willing to take risks and believes that they wil not ba caight if hey don't pilace change is the meter A population that is wiling to take recks, believesthet they wil not be causgit ir hay d place charge in the metr and damgarts any posibe and plscing change in mr the meter, and dsmgurds any possible $ Scket for paking ilegaly e A population that placee a high opportunity coet on making sure they have change Question 7 0out of 8 paints The basic gpal of eonomics is Selected imited N ares to people's Iniled warts and needs wer: e. matchi b. canreling tass and wishes so thet there wit be enaughroe to produce all the goods and sevices That peaple wad Question 8 he case? 8 8 4Explanation / Answer
Answer 7
Option c. Economics is about solving the problem of scarcity of resources in relation to unlimited human wants.
Answer 17
Option B. Rachel is comparatively better at making pies than bread. Thus, he should specialise in pies while Joey should specialise in Bread
Answer 18
Option C. The opportunity cost of investing in capital goods is present consumption.
Answer 20
Option D. The PPC shows the maximum amount of goods that can be produced by an economy using its current level of resources and technology. Point E lies above the PPC showing that at the present level of resources and technology, that level of output is unattainable.
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