Determine whether the statements below describe scarcity or opportunity cost. 1. Ali has to chose between taking a second job or spending more time with his family because his 2. ABC Hospitals are turning away patients as all hospital beds full and staff already on dury. 3. The government of Icelandia decides to reduce spending on affordable housing to increase spendi A. Scarcity. B. Opportunity Cost.
Determine whether the statements below describe scarcity or opportunity cost. 1. Ali has to chose between taking a second job or spending more time with his family because his 2. ABC Hospitals are turning away patients as all hospital beds full and staff already on dury. 3. The government of Icelandia decides to reduce spending on affordable housing to increase spendi A. Scarcity. B. Opportunity Cost.
Microeconomics: Principles & Policy
14th Edition
ISBN:9781337794992
Author:William J. Baumol, Alan S. Blinder, John L. Solow
Publisher:William J. Baumol, Alan S. Blinder, John L. Solow
Chapter3: The Fundamental Economic Problem: Scarcity And Choice
Section: Chapter Questions
Problem 5DQ
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Question
Determine whether the statements below describe scarcity or opportunity cost .
1. Ali has to chose between taking a second job or spending more time with his family because his
2. ABC Hospitals are turning away patients as all hospital beds full and staff already on dury.
3. The government of Icelandia decides to reduce spending on affordable housing to increase spendi
A. Scarcity.
B. Opportunity Cost.
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