0 0. 6 months ago. Thus, the growth of population retards agricultural development and creates a number of other problems discussed above. (TCO 2) Which is consistent with the law of demand? Productive resources are limited. The Problem of Scarcity. domestic producers of the product. There is never enough of anything b. (TCO 1) As a consequence of the problem of scarcity (Points : 4)there is never enough of anything.individuals have to make choices from among alternatives.production has to be planned by government.things which are plentiful have relatively high prices. The economy is at equilibrium at Point B. maximize its volume of trade with other nations. 11. The Federal Reserve Board. It implies that human wants are unlimited but the means to fulfil them are limited. Question 12. Individuals have to make choices from among alternatives C. Production has to be planned by government D. Things which are plentiful have relatively high prices Production has to be planned by government D. Things which are plentiful have relatively high prices It is difficult to have a thriving economy when fresh water is not easily accessible for industrial, farming, and individual use. (TCO 1) As a consequence of the problem of scarcity (Points : 4) there is never enough of anything. nonmarket activities, such as the productive work of homemakers. Question 10. (TCO 7) During the financial crisis of 2007-2008, the FDIC increased deposit insurance coverage from (Points : 4)$50,000 to $100,000 per account.$100,000 to $250,000 per account.$200,000 to $500,000 per account.$500,000 to $1,000,000 per account. is upward-sloping with a constant slope. Economics: Scarcity, The Three Basic Economic Questions For Whom Will It Be Produced? When demand decreases and supply decreases (TCO 1) As a consequence of the problem of scarcity (Points : 4) there is never enough of anything. Question 5. spending seven-tenths of any additional income. the U.S. Treasury. The Problem of Choice. is generally acceptable in exchange for goods or services, is backed by the gold and silver of the federal government, and facilitates trade. High levels of specialisation could lead to possible diseconomies of scale. is legal tender, is generally acceptable in exchange for goods or services, and is backed by the gold and silver of the federal government. Question 6. tax rate, transfer payments, and level of government spending. tax. A decrease in output would lead to a rise in profits. (TCO 8) When tariffs on imported products are removed by a nation, it will result in (Points : 4)higher prices and lower quantities consumed.higher prices and quantities consumed.lower prices and quantities consumed.lower prices and higher quantities consumed. (TCO 2) Chuck Grim has a price elasticity of demand for beer of 1.2. ← What is the value of a share of preferred stock that pays, Strayer MKT 100 Week 8 Discussion (2014) →. There Is Never Too Much Of Any Good Or Service Produced. 16. Increases in taxes and government spending individuals have to makechoices from among alternatives. depreciated. It exists because human wants for goods and services surpass the quantity of goods and services that can be produced using all available resources. In this blog we’ll explain more about causes and consequences water scarcity and about what the future will bring. production has to be planned by government. The problem of feeding the additional population becomes serious due to acute shortage of food products. budget lag. Question: As a consequence of the problem of scarcity PAGE 1: 1. As a consequence of the condition of scarcity, to get more of one thing you have to give up some of something else. counted as unemployed because they are not working full-time. (TCO 1) As a consequence of the problem of scarcity (Points : 4) there is never enough of anything. decreases in government spending and increases in taxes. speculation during World War I. expenditures undertaken to correct pollution. Question 2. There is never too much of any good or service produced. Choices Have To Be Made About How Resources Are Used. production has to be plannedby government. individuals have to make choices from among alternatives. money market transactions. (TCO 7) Which group is responsible for the policy of changing the money supply? Economic scarcity – Scarcity of resources depends upon its demand and supply. the invisible hand. Question 15. If the resources were unlimited, the problem of what goods are to be produced would not have arisen because in that case we should have been able to produce all goods we wanted and also in the desired quantities. (TCO 7) The basic requirement of money is that it be (Points : 4)backed by precious metals–gold or silver.authorized as legal tender by the central government.generally accepted as a medium of exchange.some form of debt or credit. What will happen to the total amount Chuck spends on beer? 10. increase aggregate supply in the U.S. (TCO1) A point inside the production possibilities curve is (Points : 4)attainable and the economy is efficient.attainable, but the economy is inefficient.unattainable, but the economy is inefficient.unattainable and the economy is efficient. Individuals have to make choices from among alt things which are plentifulhave relatively high prices. The basic economic problem of scarcity refers to the situation in which finite factor inputs are insufficient to produce goods and services to satisfy infinite human wants. deposit insurance provider. necessarily dissaving. 17. (TCO 8) Which country is the United States’ largest trading partner in terms of volume of trade? U.S. government sending aid to natural disaster victims in Asia is horizontal. 1. a formal agreement among firms to collude. production has to be planned by government. Question 13. increase the domestic supply of foreign currencies. The United Nations Conference on Trade and Development Two major causes of scarcity: 1. discount rate, reserve ratio, open market operations, and term auction facility. unattainable, but the economy is inefficient. Unit1: Red Review 1. financial adviser. production has to be planned by government. Scarcity' is the limited availability of a commodity, which may be in demand in the market or by the commons. 15. things which are plentiful have relatively high prices. (TCO 7) As of January 2010, slightly more than half of the money supply (M1) was in the form of (Points : 4)currency.checkable deposits.gold coins and bars.savings deposits. individuals have to make choices from among alternatives. individuals have to make choices from among alternatives. facilitates trade, is legal tender, and permits the use of credit cards and near-monies. outflow of goods and services. (TCO 8) In a two-nation world, comparative advantage means that one nation can produce (Points : 4)a product with fewer inputs than the other nation.a product at lower average cost than the other nation.a product at a lower domestic opportunity cost than the other nation.more of a product than the other nation. It is basically the gap between limitless human wants and limited available resources. Question 8. counted as employed because they are receiving payment for work. individuals have to make choices from among alternatives. production has to be planned by government. improvements in product quality over time. production has to be planned by government. Production of water-intensive goods like cars, food, and clothing could be limited by lack of freshwater resources. Question 13. Decrease in taxes and increase in government spending (TCO 4) In calculating the unemployment rate, part-time workers are (Points : 4)counted as unemployed because they are not working full-time.counted as employed because they are receiving payment for work.used to determine the size of the labor force, but not the unemployment rate.treated the same as “discouraged” workers who are not actively seeking employment. (Points : 4)When supply increases and demand increasesWhen supply decreases and demand decreasesWhen supply decreases and demand increasesWhen supply increases and demand decreases. as a consequence of the condition of scarcity, there is not enough stuff for everybody, so less able people will receive less stuff. Get the detailed answer: As a consequence of the problem of scarcity:A. 1(a)Explain the economic problem of scarcity and resource allocation, and evaluate the role of opportunity costs in determining how economics make decisions All the problems which are associated with money are known as economic problem. 19. As a consequence of the condition of scarcity:- there is never enough of anything.- production has to be centrally planned.- things which are plentiful have relatively high prices.- individuals and communities have to make choices from among alternatives. There is never enough of anything B. (TCO 5) A fall in labor costs will cause aggregate (Points : 4)supply to increase.demand to increase.supply to decrease.demand to decrease.6. comptroller or accountant. A consequence of the economic problem of scarcity is that: Factors of production are: Opportunity cost may be defined as the: A point on a nation's production-possibilities curve represents: If an economy experiences increasing opportunity costs with respect to two goods, then the production-possibilities curve between the two goods will be: It is considered to be a basic economic problem. However, this is a good that is wasted, contaminated and distributed unevenly. These have to be imported which increases the balance of payments difficulties. As a result, they must choose some things and give up others. A consequence of the economic problem of scarcity is that: A) Choices have to be made about how resources are used. A consequence of the economic problem of scarcity is that A. things which are plentiful have relatively high prices. things which are plentiful have relatively high prices. individuals have to make choices from among alternatives. Individuals have to make choices from among alternatives c. Only some people can "have it all" d. Things which are plentiful have relatively high prices Problems of specialisation in production. (Points : 4)The firm is making only normal profits.The firm’s marginal cost is greater than its marginal revenue.The firm’s marginal revenue is equal to its marginal cost.A decrease in output would lead to a rise in profits. consumer price index, inflation, and unemployment rate. 1. 6. These papers are intended to be used for research and reference purposes only. decrease the foreign supply of foreign currencies. PAGE 1: 1. 16. (TCO1) Money is not considered to be an economic resource because (Points : 4) as such, it is not productive. Consequence # 7. 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