Resources are scarce because which of the following are limited: Question 10 options: A) labor, capital, technology, and entrepreneurship B) labor, capital, stocks, bonds C) land, labor, technology, and money. D) land, labor, capital, and entrepreneurship

Resources are scarce because which of the following are limited: Question 10 options: A) labor, capital, technology, and entrepreneurship B) labor, capital, stocks, bonds C) land, labor, technology, and money. D) land, labor, capital, and entrepreneurship

ECON MICRO

5th Edition

ISBN:9781337000536

Author:William A. McEachern

Publisher:William A. McEachern

Chapter3: Economic Decision Makers

Section: Chapter Questions

Problem 1.1P

See similar textbooks

Related questions

Q: In the specific model with two consumption goods and labour (mobile) and land and capital (specific…

A: Trade is the export and imports of goods and services between different countries. Imports are the…

Q: Which of the following options is not a means of retaining employees? Select the single best answer:…

A: As the economy recovers, a skilled labour shortage looms, and there is a demonstrated link between…

Q: Which of the following statements about the use of resources is NOT one of the key economic…

A: Economic problem: All economic problems arise because of limitless human needs and limited…

Q: Which one of the following statements is correct? A. The Bertrand paradox still holds true even…

A: Bertrand's model has 2 firms selling identical goods that have constant marginal costs. Both the…

Q: Suppose the local economy experiences an influx of both skilled and unskilled workers, what will…

A: Marginal productivity of labor can be defined as the increase in the total production of a company…

Q: Scarcity is a condition that exists when there is a fixed supply of resources relative to the demand…

A: Economics is a social science that discusses human behavior regarding their unlimited wants in terms…

Q: one worker in southern Ontario worker can pick $30 worth of tomatoes two workers together can pick…

A: Detail solution given below,

Q: Determine whether each activity will increase a worker's human capital. Will increase human capital…

A: In economics, human capital refers to the abilities and capabilities of the human resource in the…

Q: Japan chose to increase the production of cars between 2000 and 2008. Assume that Japan did not…

A: Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: Question 2 Scarcity is a condition that exists when there is a fixed supply of resources relative to…

A: Scarcity is the central problem in economics. This economic problem is universal confronting the…

Q: Statement I: The Economic Entity theory holds that people have unlimited wants but limited…

A: The concept of Scarcity is discussed in given statements where we have to make choices because of…

Q: In the healthcare economy, as in many other markets, if the firm has a high capital-to-labor ratio,…

A: To show the relationship between capital-labor ratio and the responsiveness to a change in price.

Q: If the marginal product of labor is 40 units and the marginal product of capital is 200 units, while…

A: The condition to profit maximize is,

Q: Specialization: 1) leads to greater self-sufficiency. 2) can lead to an increase in…

A: Specialization refers to a country's propensity to specialise in such items that it trades for other…

Q: Which of the following best captures the idea of the fundamental economic problem? Choose 1 answer:…

A: Scarcity is the condition of a limited supply of goods and raw material with unlimited demand.

Q: A mechanic quits her current job, which pays $38,000 per year. She can take a job with another firm…

A: Opportunity cost is defined as the cost incurred when an individual gives up one good for the other…

Q: Budget lines and production possibility curves have a common assumption of increasing opportunity…

A: Answer: False, The production possibility curve has increasing opportunity cost but budget lines are…

Q: 18. Market: Video rental store market Increase or Decrease: Scenario: Online streaming for movies…

A: a) Scenario:- Online streaming for movies causes many movie rental stores to close. Effect:- Demand…

Q: All of the following would be expected to cause an economy’s production possibilities curve to shift…

A: The production possibility curve is a set of all points which represent a combination of the goods…

Q: The opportunity cost of holding money: Group of answer choices is zero because money is not an…

A: When earn income we have two options to keep cash. One to keep it idle in the drawer and other to…

Q: If resources are _______ then the PPF is _______. a. specialized, a straight downward sloping line…

A: If resources are specialized then the PPF is bowed outward and will have negatively sloped.…

Q: Select the two options that belong in positions F and K. Firms Goods and Services Purchased Wages,…

A: The circular flow model is an economic model that presents how money, goods, and services move…

Q: Refute this statement The future is big tech and that should be our focus, not small, unproven,…

A: Small scale industries refer to those industries in which production and manufacturing activities…

Q: city is trying to estimate the most money it should offer to contractors as an incentive for them to…

A: Given information: Number of workers = 40000 Wage of the workers = $10 per hour Labor hours taken =…

Q: Refer to Daisy's PPF Given Daisy's PPF, the following production combo, 12 pies and 12 tarts is…

A: Production possibilities frontier shows combinations of two goods that can be produced with the…

Q: marginal cost minus marginal benefit. the time spent on an economic activity. the value of the best…

A: Factors of Production are the inputs/resources used in the production process for producing the…

Q: In the specific factor model in a market equilibrium the mobile factor's productivity must be the…

A: Factors of production: - The inputs that are used to produce goods and services are known as the…

Q: Due to heavy rains, the price of ground produce increases. Which core principle is represented in…

A: A value that is desirable or being followed usually depicts a principle. It acts as a guide to the…

Q: Explain why each of the following statements is True, False, or Uncertain according to economic…

A: The economics as a study is associated with the phenomenon that each society tend to have a limited…

Q: What does a Production Possibility Frontier for Product X versus Y represent? A) The total combined…

A: Because individuals have limited resources at their disposal, the problem of scarcity requires them…

Q: To be economically successful, the entrepreneur must combine resources in a manner that increases…

A: The motive of an entrepreneur is to maximize the profit while minimizing the cost of production.…

Q: Wages, Workers, and Management – End of Chapter Problem You have recently been hired as a manager at…

A: In the market, a manager generally tries to increase the productivity of the workers that helps in…

Q: Which of the following is not correct? Group of answer choices The value of the economist’s language…

A: The value of the economist’s language lies in its ability to provide you with a new and useful way…

Q: Which of the following statement is false? Technological innovation in the manufacturing sector will…

A: Innovation is the process of introducing new and innovative products and services in the market.

Q: The ____________ argument was that poor people adopt certain practices that differ from middle class…

A: Culture of poverty theory states that the value of poverty realizing by the people playing n…

Q: Microeconomics 2 - Factor Market - Pareto Optimum Consider an economy in which only 2 factors are…

A: On the supply side of the economy, we look at two different markets: the factor market, and the…

Q: Once Produced then what? Food, fiber, fuel= ___________________________,…

A: The production agriculture is a process of raising the animal and plants for food, fuel, fibre. The…

Q: Analysis of economic theory and policy is difficult because: O there is a lack of consensus on major…

A: Analysis of economic theory and policy is difficult because

Q: Productive efficiency refers to: the use of the least-cost method of production. the…

A: The productive efficiency of the firm is the ability of the firm to produce the maximum possible…

Q: Question 1 Efficiency means that Group of answer choices society is getting the maximum benefits…

A: The output of a market economy is goods and services. Services are tasks performed for the benefit…

Q: Which of the following goals are concerned with creating and maintaining employee and customer…

A: A good company not only set it's economic goals but they also set their non economic goals.

Q: Refer to Scenario 13-1. For the first year of operation, what is the opportunity cost of purchasing…

A: The money spent to purchase the factor of production to produce the final goods and services is…

Q: Determine whether each of the following would increase or decrease the opportunity costs for mothers…

A: Opportunity cost (OC) is the cost of next best alternative that is available.

Q: Zeetopia and Freshland are two small tropical islands that use the same amounts of resources to…

A: The Production Possibilities Curve (PPC) is a model that depicts the tradeoffs that occur when…

Question

Resources are scarce because which of the following are limited:

Question 10 options:

A)	labor, capital, technology, and entrepreneurship

B)	labor, capital, stocks, bonds

C)	land, labor, technology, and money.

D)	land, labor, capital, and entrepreneurship

Expert Solution

Step 1

Economics deals with the allocation of scarce resources among alternative uses to satisfy human wants.

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

Due to heavy rains, the price of ground produce increases. Which core principle is represented in this scenario (if any)? Scarcity, choice and opportunity cost Diminishing returns Cost-Benefit Analysis Adding more variablefactor to a given fixed factor Incentive principle The situation does not represent a core principle
Question 2 Scarcity is a condition that exists when there is a fixed supply of resources relative to the demand for the product. there is a large demand for a product. resources are not able to meet the entire demand for a product. All of these
In the healthcare economy, as in many other markets, if the firm has a high capital-to-labor ratio, it is more responsive to changes in price due to the inability to easily switch production capacity because of the fixed nature of capital or the substitutability of labor for capital. Group of answer choices True False
Please answer all the following questions True or False 1. a high fertility rate reduces the per capita income be it the gross national income per capita or the gross domestic product per capita 2. urbanization and localized economies lead to resource immobility 3. the most relevant advantage of locating a firm in an industrial district is known spillover 4. centralized urbanization leads to underdeveloped peripheral economies
MULTIPLE CHOICE BASED QUESTION Question 5 How will each of the following scenarios impact the market for labor? A technological change of clothes that increases productivity of all workers. Impact on supply of labour Increase employment wage rates unchanged Increase wage rate. Decrease wage rates name, called and changed [movement along the curve] Employment unchanged. Shifts outwards/to the right decrease employment. Shift inwards/to the left Impact on demand for labor Increase employment wage rates unchanged Increase wage rate. Decrease wage rates name, called and changed [movement along the curve] Employment unchanged. Shifts outwards/to the right decrease employment. Shift inwards/to the left Impact on wage rate Increase employment wage rates unchanged Increase wage rate. Decrease wage rates name, called and changed [movement along the curve] Employment unchanged. Shifts outwards/to the right decrease employment. Shift inwards/to the left Impact on employee level…
MULTIPLE CHOICE (identify the one best answer and provide explanations): Consider an economy in which each worker has one machine and one unit of natural resources. Assume these inputs are fixed, and so is the worker’s human capital. But there has been an improvement in technology. We can surely conclude that productivity has increased if: the amount of goods and services produced from each hour of the worker’s time increases. the amount of goods and services produced by the worker increases relative to a worker in another country. if the amount of goods and services produced by the worker in a given year increases. all of the above. none of the above.
The Stimulus checks are finally mailed to families after the Senate votes to pass the bill. A family of five (5) decides to use $2,000 use as a down payment on anew car, as opposed to paying all family debt, which also amounts to $2,000. Why would this be an example of TRADE-OFFS & OPPORTUNITY COSTS? Required to answer. Single line text.
Select all that are true regarding the factors of production. Land refers to the natural resources consummed in production Human capital is the coordination of the other factors They are purchased in the input markets Labor earns a higher wage with more skill (higher human capital) Human capital includes the relationship and the naturual process coordination between workers
Which statement best explains how human capital affects the manufacturing of a product? It affects the efficiency of the manufacturing process It promotes increased demand for manufactured goods. It provides a financial incentive for potential investors It allows households to use their savings to buy goods.
TRUE or FALSE 14. Urbanization and localized economies lead to resource immobility 15. The most relevant advantage of locating a firm in an Industrial District is knowledge spillover. 16. The K -12 Program added years to basic education but Philippines student learning still lags behind many East Asian countries.
Entrepreneur's potential earnings as a salaried worker = $50,000 Annual lease on building = $22,000 Annual revenue from operations = $380,000 Payments to workers = $120,000 Utilities (electricity, water, disposal) costs = $8,000 Value of entrepreneur's talent in the next best entrepreneurial activity = $80,000 Entrepreneur's forgone interest on personal funds used to finance the business = $6,000 Creamy Crisp's explicit costs are
Explain why each of the following statements is True, False, or Uncertain according to economic principles. Use diagrams where appropriate. Unsupported answers will receive no marks. It is the explanation that is important. If a Prof leaves their $100,000 per year job to start a business that earns annual revenue $400,000, and has annual labour and rental costs of $200,000, the economic profit of the business is $200,000.