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Which of the following statements best describes the study of economics?
 
a. How to plan an economy
b. How to limit human wants so that scarce resources are sufficient
c. Why resources are scarce
d. The allocation of scarce resources among alternative uses
e. How to distribute income as equally as possible

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Radhika Virmani
Radhika VirmaniLv6
7 Oct 2020
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Related questions

Economics is best defined as the study of how

a. individuals decide to use scarce resources in an attempt to satisfy their unlimited wants

b. to make money

c. the government should deal with unemployment and inflation

d. to eliminate the problem of scarce resources e. to run a business 

1. Which of the following best describes the concept of scarcity?

a. Resources are unlimited but there is a scarcity of uses for them.

b. Resources are scarce when compared to the demand for them.

c. There is a scarcity of funding for resource conservation.

d. Resources and resource needs are equally scarce.

2. Which of the following would not be considered scarce?

a. Corn husks used to produce biomass fuel.

b. Corn husks in a landfill.

c. Corn husks used to feed hogs.

d. None of the above would be considered scarce.

3. Which of the following best describes the opportunity cost?

a. The value of the alternative selected.

b. The value of all alternatives not selected.

c. The difference between the alternative selected and the next best alternative.

d. The value of the next best alternative not selected.

4. Which of the following best describes the opportunity cost of one year of college?

a. The dollar value of tuition, books, room and board, and all associated explicit expenses, but not the interest that could have been earned on that sum.

b. The dollar value of tuition, books, room and board, all associated explicit expenses, and the interest that could have been earned on that sum but not the income that could have been earned over that time period.

c. The dollar value of tuition, books, room and board, all associated explicit expenses, the interest that could have been earned on that sum, and income that could have been earned over that time period, but not the cost of everyday items such as food, clothing, and toothpaste.

d. The dollar value of tuition, books, room and board, all associated explicit expenses, the interest that could have been earned on that sum, and income that could have been earned over that time period, and the cost of everyday items such as food, clothing, and toothpaste.

5. Which of the following can be a valid goal for a typical firm? (Check all that apply)

a. Maximizing profits.

b. Improving its public image.

c. Increasing employee morale.

d. Increasing shareholder wealth.

Please only anwer the Following question:

Question :focus in on one of the main concepts covered (e.g., scarcity, ceterus pariubus, association vs. causation, opportunity cost, marginal analysis, etc.), define it in your own words, and provide an example. Discuss why you think this is an important aspect in the study of economics.

Answer:

Scarcity is a situation where the availability of resources at our disposal is less then the needs of society.since human wants are unlimited and resources are limited therefore it gives rise to a problem of choice.

Example the oil resources are scarce in relation to Wants .

This is important in decision analysis of any economic problem as without it we are unable to judge which good to produce and sell in market.

Following question:

Can you comment on what you see as the relationship between scarcity, opportunity cost and trade off?

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