Answered: The basic economic problems of the…

The basic economic problems of the society includes the ___. a. all of the above b. problem of choice c. problem of allocation of resources d. problem of scarcity of resources

Economics Today and Tomorrow, Student Edition

1st Edition

ISBN:9780078747663

Author:McGraw-Hill

Publisher:McGraw-Hill

Chapter1: What Is Economics

Section1.1: The Basic Problem In Economics

Problem 1R

See similar textbooks

Related questions

Q: 3.3. Economic systems aim to address three central economic questions. List and provide a short…

A: Economics is a study of the production, distribution, and consumption of goods and services.…

Q: 6. Goods and services have a price because a. Resources are scarce in relation to people’s demands…

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

Q: produces two goods, Good A and Good B. The following is informatic production of these two goods and…

A: Nominal GDP measures the value of goods and services at current year prices.

Q: . It is primarily the basis of economic activity a. economics b. scarcity c. social science d.…

A: Economics is the study of human decisions in the face of scarcity.

Q: I. Essay. Explain the following. 1. What is Applied Economics? 2. What are the three basic economic…

A: Economics is that the study of insufficiency and its implications for the use of resources,…

Q: The data below shows the various production possibilities for an economy that produces two goods,…

A: A production possibility frontier illustrates the various combinations of two goods that can be…

Q: What is the issue about Economics (Domestic Resources)? Give a narrative

A: Economics as a study is considered to be a very vast area of study. This involves the decision…

Q: Productive and allocative efficiencies are among the core concepts in economics. i. Differentiate…

A: Productive efficiency says that the economy can't produce more of one commodity without sacrificing…

Q: 8. A positive statement is one which: • Is based on opinion • Is based on a value judgement 9. Which…

A: Since you only need answers , I have provided no explanation. Also since you have posted multiple…

Q: Explain the link between scarcity and each of the following: (a) choice, (b) opportunity cost, (c)…

A: The link between each of the following and scarcity is given as follows: a) Choice and scarcity:…

Q: Which of the following best illustrates the importance of addressing the three questions of…

A: Scarcity: - it is a very basic problem of economics that is related to the limited availability of…

Q: (1). Which of the following is the best definition of economics? A) the study of how individuals…

A: The study or concepts of how money, commerce, and industry are organised are known as economics.

Q: Discuss whether merit goods and demerit goods are best provided by the market economy

A: Merit goods are those commodities and services whose true personal benefit is not realised by a…

Q: The basic economic problems of the society includes the ___. a. all of the above b. problem of…

A: According to Lionel Robbins, "Economics is the science that studies human behavior as a relationship…

Q: 1. A basis for the systematic study of economics exists because A Resources are scarce in relation…

A: 1. Economics is a social science which deals with the science of decision making, i.e. understanding…

Q: Resources used to make goods and services are called A factors of B people production C scarcity D…

A: PLEASE NOTE THAT AS PER THE POLICY I HAVE SOLVED THE FIRST THREE SUB-PARTS. PLEASE POST OTHER…

Q: 5. Economics assumes that people, businesses and governments make good decisions a. True b. False

A: [As more than 1 question is posted, only 1st question is answered, as per policy] (Question 5)…

Q: What is the Social Activity and Religion in non-economic Factors? Discuss and explain... Use example

A: The following problem has been solved as follows:

Q: 1.) The broadest definition of economics is the study of how people make decisions given a.)…

A: (Since you have asked many questions, we will solve the first one for you. If you want any specific…

Q: Can you help me with below homework question. Which of the following economic criteria is concerned…

A: The answer is d) Allocation efficiency.

Q: Explain the focus of economics on the "allocation, distribution, and use of resources".

A: The economics is the study of the social science which would deal with the distribution, allocation…

Q: Which of the following best illustrates the importance of addressing the three questions of…

A: In economics, the concept of scarcity refers to the constrained supply of resources. It states that…

Q: For a given question to be considered an economic question, it would need to involve: (a)money.…

A: Economics is the subject that studies how to allocate the limited resource between the unlimited…

Q: Microeconomics QUESTION 1 a) i. Illustrate using a comparative line graph (three lines on one…

A: Demand Demand is the amount of a commodity that consumers are willing to purchase at various…

Q: What is part of the opportunity cost of borrowing a textbook from the library instead of buying it,…

A: # Opportunity cost is the cost of the next best alternative forgone. It's simply the cost of the…

Q: Question attached

A: Economics: It is a sociology worried about the creation, appropriation, and utilization of products…

Q: Hello can any one help with this Economics question: A restaurant serves two special dishes, A and B…

Q: is an example of a choice in the self-interest. is an example of a choice in the social interest. O…

A: The answer is Option A: I buy pizza for lunch I am…

Q: Solve the attachment.

A: The concept of opportunity cost involves both implicit as well as explicit costs associated with…

Q: Explain why the goal of a society, production or consumption, has important implications for…

A: A policy is a set of rules intended to direct actions and provide objective results, particularly in…

Q: 1.1 Economics concerns itself with: 1. A systematic understanding of patterns of production,…

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

Question

The basic economic problems of the society includes the ___.

a. all of the above

b. problem of choice

c. problem of allocation of resources

d. problem of scarcity of resources

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

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

Need answer ASAP... The basic economic problems of the society includes the ___. a. all of the above b. problem of choice c. problem of allocation of resources d. problem of scarcity of resources
Identify the different factors of production. Identify the three (3) central problems of the economy. Identify economic systems or organizations of economic activities. Differentiate normative and positive economics. Help me with this one, please. Thank youuu
explain what socio-economic theory assumes about people’s behavior. What are some of the social consequences of assuming the universality of socio-economic theory? What explanation for human behavior would make more sense?
plase solve all 8 quetions 1. Economics can be defined as the study of how people choose to allocate __________ to satisfy their _____________________. A. Unlimited wants, scarce resources. B. Needs, wants. C. Scarce resources, unlimited wants. D. Wants, needs. 2. ________________ refers to initiative, talent and organisational ability to incorporate and co-ordinate the different factors for profitable and efficient production. A. Capital. B. Entrepreneurship. C. Labour. D. Land. 4. An economic system where tradition and customs determine what, how and for whom to produce is called the ________________________ system. A. Free market. B. Traditional. C. Mixed. D. Command. 6. Which one of the following is not a macroeconomic goal? A. Control inflation. B. Achieve unemployment. C. Promote economic growth. D. Avoid balance of payment difficulties. 7. An economy experiences inflation when __________________________. A. The investments are rising. B. The population is rising. C. The general…
a. A 5 percent fall in the unemployment rate will lead to a 2 percent increase in the inflation rate" b. "Pollution in developing countries is one of the biggest global environmental problems" 3,Which of the these statements is an example of "positive" economics 4.Which of these statements in an example of :normative "economics"
What is meant my the normative economics. Explain in detail.
4. questions have to do with explanation and prediction, questions have to dowith what ought to be.(a) Positive; negative.(b) Negative; normative.(c) Affirmative; positive.(d) Positive; normative.(e) Econometric; theoretical.
Problem 3Suppose the following data reflect the production possibilities for providing healthcare and education:Units per YearHealth Care 400 370 330 270 190 100 0Education 0 20 40 50 60 70 80(a) Graph the production possibilities curve.(b) If maximum health care is provided, how much education will be provided?(c) What is the opportunity cost of increasing health care from 270 to 330 units?
What are the economic problems and how we do resolve these problems? ( Explain 4 problems and their solutions)
In the world, every economy faces the same fundamental economic challenges. Explain briefly what are the basic economics challenges / issues?
1. Scarcity means that resources are: a. Unlimited b. Under severe restrictions c. Fewer people want them d. Less able to be fulfills 2. Yoko can buy a chocolate bar, a can of drink and a packet of crisps. She buys the chocolate bar as she wants it more than the drink and the crisps. The opportunity cost of buying the chocolate bar is a. Can of drink b. Can of drink and packet of crisps c. Packet of crisps d. Chocolate bar 3. For future development of the economy, sustainable growth is important a. True b. False 4. Scarcity is in relation to people’s a. Wants and demands b. Wants c. Money d. Demands 5. Economics assumes that people, businesses and governments make good decisions a. True b. False 6. Goods and services have a price because a. Resources are scarce in relation to people’s demands b. Resources are scarce in relation to people’s wants c. Nothing is free d. Customers demand products 7. The basic Economic problem is a. Reduce the rate of inflation b. Control…
11. The most fundamental economic problem is _________ . a. Security b. Scarcity c. Health d. None of these