Because of scarcity, for every choice we make, there will always be opportunity costs. What does this statement mean? a. Scarcity helps us save our resources by reducing opportunity costs and encouraging higher consumption b. We will always have to sacrifice the enjoyment of something or benefiting from our other options due to limitations in resources. c. We can fully enjoy both of our choices as long as we take the opportunity and continuously consume our limited resources d. none of the choices are correct

Because of scarcity, for every choice we make, there will always be opportunity costs. What does this statement mean? a. Scarcity helps us save our resources by reducing opportunity costs and encouraging higher consumption b. We will always have to sacrifice the enjoyment of something or benefiting from our other options due to limitations in resources. c. We can fully enjoy both of our choices as long as we take the opportunity and continuously consume our limited resources d. none of the choices are correct

Macroeconomics

13th Edition

ISBN:9781337617390

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter1: What Economics Is About

Section: Chapter Questions

Problem 6QP

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10. Because of scarcity, for every choice we make, there will always be opportunity costs. What does this statement mean? a. Scarcity helps us save our resources by reducing opportunity costs and encouraging higher consumption b. We will always have to sacrifice the enjoyment of something or benefiting from our other options due to limitations in resources. c. none of the choices are correct d. We can fully enjoy both of our choices as long as we take the opportunity and continuously consume our limited resources
a. Would the study of economics be necessary if resources were unlimited? b. "Wants are not limitless. This can be proven. I get all the breakfast I want every morning." Explain. c. You are invited to go to the movies this weekend as a gift for your birthday. Explain whether or not this gift is free. d. List two opportunity costs a law student may incur in order attend law school. Do you think two different students will incur the same opportunity costs? Explain.
"What is Economics?" Please respond to the following: 1. Identify a recent purchase that you made, recently, and determine how scarcity influenced your purchase decision. 2. Give an example of how scarcity of a product would have an impact on a microeconomic level. Please explain your rationale.
Describe the linkage between “Scarcity” and each of the following;i. Choiceii. Opportunity Costiii. Competition
Could you explain in economic concepts the situation in the image why there is scarcity in the situation?
Why is the economic concept of scarcity a crucial onefor businesspeople to understand?
Why choice arise as a result of scarcity?
Suppose a nation has a total of 12 units of labor, which can be used to produce either guns or butter. One gun takes 6 units of labor to produce and 1 butter takes 2 units of labor to produce.  Explain why scarcity exists in this economy. Use the data as evidence of your reasoning.  What is the maximum quantity of guns that can be produced?  What is the maximum quantity of butter than can be produced?  Draw the nation’s production possibility curve.  What is the opportunity cost of guns in this nation?  Explain why the nation can’t produce both 3 guns and 4 butters.  Explain why the nation shouldn’t produce both 1 gun and 2 butters.
Suppose a nation has a total of 12 units of labor, which can be used to produce either guns or butter. One gun takes 6 units of labor to produce and 1 butter takes 2 units of labor to produce.ElucidateExplain why scarcity exists in this economy. Use the data as evidence of your reasoning.What is the maximum quantity of guns that can be produced?What is the maximum quantity of butter than can be produced?Draw the nation’s production possibility curve.Explain why the nation can’t produce both 3 guns and 4 butters.Explain why the nation shouldn’t produce both 1 gun and 2 butters.
Briefly describe the trade-offs involved in each of the following decisions. Specifically, list some of the opportunity costs associated with each decision, paying particular attention to the trade-offs between present and future consumption. a. After a stressful senior year in high school, Sherice decides to take the summer off instead of working before going to college. b. Frank is overweight and decides to work out every day and to go on a diet. c. Mei is diligent about taking her car in for routine maintenance even though it takes 2 hours of her time and costs $100 four times each year. d. Jim is in a hurry. He runs a red light on the way to work.
Please provide your answer, be sure to provide explanations and graphs This set of questions pertains to opportunity costs in different scenarios.a. On the night before the ECON2 exam, you are allocating your time between studying for the exam and reading comic books. Each hour of studying enhances your exam score by 2 points, and reading a comic book consumes 30 minutes. What is the opportunity cost of reading a comic book in terms of points on the exam? What is the opportunity cost of reading a comic book in terms of dollars for YOU? b. You are responsible for preparing dinner for yourself and your 2 roommates. You have two options: either purchase the ingredients and cook the meal from scratch, incurring a cost of $20 and spending 2 hours, or order the meal, which would cost $60 and take no time. Is the opportunity cost of the meal higher if you order it? Why or why not?
Define the following terms with explanation with an example of each 1.Scarcity 2.Opportunity cost