What causes people to move their resources around in search of the highest return? Select one: O a. Cheap information technology like the internet. O b. People only care about the welfare of others. O c. Government ensures that no one wastes resources. O d. People want to be as well off as they can be. Check Next page page

What causes people to move their resources around in search of the highest return? Select one: O a. Cheap information technology like the internet. O b. People only care about the welfare of others. O c. Government ensures that no one wastes resources. O d. People want to be as well off as they can be. Check Next page page

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter2: Choice In A World Of Scarcity

Section: Chapter Questions

Problem 23CTQ: Do economists have any particular expertise at making normative arguments? In other words, they have...

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Please no written by hand solution Assume a society consists of two economic? groups: one group is rich and the other group is poor. Suppose that 50 percent of the population is rich while the other 50 percent of the population is poor. Consider two scenarios. Scenario? A: The rich have ?$60000 ?each, while the poor have ?$2000 each. Scenario? B: The rich have ?$7500 ?each, while the poor have ?$750 each. If you only care about average income and not about? equity, you would prefer ? a or b ?, which has an average income of ?$ ________. ?(Enter your response to the nearest dollar?.) Now suppose that you only care about equity or inequality. In this? case, you would prefer ? Scenario B or Scenario A ?, which has a? rich-to-poor ratio of ________. ?(Round your response to one decimal place?.) ?Finally, suppose you only care about living standards. In this? case, you would prefer ? Scenario B or Scenario A because it has lower poverty.
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