Answered: Which of the following fully defines…

Which of the following fully defines scarcity When the resource is hard to find If the resource is very valuable If the want for the resource exceeds the availability of it the resource

EBK HEALTH ECONOMICS AND POLICY

7th Edition

ISBN:9781337668279

Author:Henderson

Publisher:Henderson

Chapter1: U.s. Medical Care: An Uncertain Future

Section: Chapter Questions

Problem 4QAP

See similar textbooks

Related questions

Q: Suppose the production of two goods (books and shoes) require the use of two types of inputs (labor…

A: Thank You for the question. As per Bartleby answering guidelines, we can answer only 1 question in…

Q: Show how the minimum explicit benefit someone is willing to accept (WTA) to partake in an activity…

A: The monetary worth of an environmental good is generally determined by the monetary value placed on…

Q: Which of the following is NOT an example of scarcity? Select the correct answer below: Due to a lack…

A: The term "scarcity" is being used when there is a limit to the amount of resources (natural, labour,…

Q: Which of the following statements best describes scarcity? a. Production is efficient, but…

A: Every country poor or rich, has a problem of scarcity. It does not afflict only countries.

Q: Colin gives away 2 marbles each time he makes a pokemon card construct a graph that represents…

A: The opportunity cost (OC) shows the value of the next best alternative which is forgone to consume…

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: Are you the lucky student who is taking every class you wanted with your first-choice professor…

A: Scarcity means that anything for everyone to have is not available.

Q: Since everyone has the same needs, we can therefore say that scarcity is an absolute term. Is this…

A: Scarcity is a very important economic problem which shows the difference between the unlimited wants…

Q: How does the study of economics depend upon the phenomenon of scarcity

A: Scarcity is known as the excess of demand over supply in an economy at a particular price. It can be…

Q: Israel's Iron Dome is an air defense system designed to intercept and destroy incoming missiles and…

A: Opportunity cost is the cost of the next alternative foregone. The economy faces three main…

Q: The opportunity cost of purchasing additional capital is forgone present consumption when a.…

A: Opportunity cost is the sacrificed benefit of the next best alternative which is not chosen.…

Q: Economics is the study of scarcity choice and optimal utilization of resources. Explain?

A: The economy has unlimited desires but the resources to satisfy this unlimited desires are limited.…

Q: All problems in economics are about scarcity, that is, about how to use given resources for…

A: "All problems in economics are about scarcity, that is, about how to use given resources for…

Q: Discuss how the production possibility frontier model can be used to basic economic problem of…

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

Q: use of chemical fertilizers, which increases agricultural production greatly, damages water quality…

A: Production possibility curve (PPC) shows combination of two goods that are in fact choices that are…

Q: The concept of production possibility frontier explains that a. any point within the curve is a…

A: Production possibilities frontier or the PPF is a graphical representation of the combination of…

Q: In your own words, clearly distinguish and differentiate why economists say all resources are scarce

A: Resources are the set of material, stock, and other assets used in the organizations for smooth and…

Q: Question 17 Refer to Daisy's PPF Given Daisy's PPF, the following production combo, 6 pies and 10…

A: Answer: Efficient points: efficient points are those points that lie on the PPF. These points show…

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: TRUE / FALSE Question: Specify below whether the expression in the question is true or false. The…

A: Opportunity cost refers to the change in total cost due to producing one more unit of a goods.

Q: Alec and Ellie are the only detectives in the town of Broadchurch. They work together. Assume…

A: Answer: Given, Name Production of interviews in 2 hours Production of files of paperwork in 2…

Q: What implication does resource scarcity have for the satisfaction of wants?

A: To find : What do resource scarcity fo for satisfaction.

Q: What happens when production is inside the production possibilities curve? The production is not…

A: Production possibilities curves represent the possible production of the goods and services with…

Q: If the opportunity cost of going to prison for some person falls, this person is less likely to…

A: Opportunity Cost: The opportunity cost is the opportunity that a person loses to get engage in it.…

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: Discuss the concept of scarcity and choice 2. Scarcity is the condition of finite resource…

A: The scarcity refers to the limited availability of resources against unlimited wants. For example,…

Q: The definition of Product Possibility Frontier is The graph which indicates the various production…

A: The definition of product possibility frontier is the graph which indicates the various production…

Q: A company consists of two people-Freya and Ingrid. Each has 15 hours to allocate between building…

A: Since each has 15 hours to allocate between building decks or fences. We need to see how much amount…

Q: You own a building that has two possible uses: a grocery store, and a clothing store. The value of…

A: The Opportunity cost to a firm in using any input is what the input could earn in its best…

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: A student stops studying before the point at which his marginal benefits of studying equal his…

A: The person is in equilibrium when the marginal benefit is equal to the marginal cost. Here, the…

Q: Write TRUE if the statement is right and FALSE if it is wrong: _____ 9. We run into scarcity…

A: The economics is the study about the allocation of limited across the people of the country.…

Q: There are 500,000 people in Merageville. Each one of them enjoys hikes through the forest at the…

A: Pareto efficiency, also known as Pareto optimality is an economic state where resources cannot be…

Q: ____________The opportunity cost of an economic decision is: the best alternative that was…

A: The opportunity cost is the benefit or value that an individual or a firm has to give up when they…

Q: ou are a professor of economics at a university. You've been offered the position of serving as…

A: Net benefit (NB) means the benefits get from depending less for a commodity than the highest value…

Q: Are you the lucky student who is taking every class you wanted with your first- choice professor…

A: Scarce resources are those resources which are limited to the need of people . These do not fully…

Q: A student stops studying before the point at which her marginal benefits of studying equal her…

A: The equilibrium point of studying will achieve at point where marginal cost of studying is equal to…

Q: Which of the following is true of an economy’s production possibilities curve? a. It shows the…

A: Production possibility curve is also called production possibility frontier.

Q: Allocative efficiency is concerned with: producing the combination of goods most desired by…

A: Resources should be allocated in an optimal way among different products. The right quantity of each…

Q: “There are certainly many exceptions to the “fact” of scarcity in economics. For example, I can…

A: Economic decisions are those decisions in which people will choose what to do with limited…

Q: Your brother gave you a ticket to a hockey game as a birthday gift. The ticket cost your brother…

A: The opportunity cost is the benefit derived from the alternative option that is not chosen.

Q: Identify the elements of scarcity, choice, and opportunity cost in each of the following: 1. The…

A: Scarcity refers to the scarce or the unavailability of the resources and inputs to produce a certain…

Question

Which of the following fully defines scarcity

When the resource is hard to find

If the resource is very valuable

If the want for the resource exceeds the availability of it the resource

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

Discuss the concept of scarcity and choice 2. Scarcity is the condition of finite resource trus/false ( explain your answer )
Which of the following is true of an economy’s production possibilities curve? a. It shows the combinations of any two resources that can be used to produce an efficient level of output. b. It shows the alternative combinations of goods that can be produced by fully employing scarce resources. c. It must be a straight line when all resources are fully employed. d. It is bowed in (convex to the origin) because of changing levels of technology. e. It is bowed out (concave to the origin) when marginal opportunity costs are constant.
Consider a simple economy which produces two goods; pizzas and tractors. Using the production possibilities boundary and graphs for the pizza and tractor market show and explain how the precise allocatively and productively efficient point on the production possibilities boundary can be determined. Please draw a graph to show, not just write step by step.
Q15.) Answer each question. Marie has a weekly budget of $24, which she likes to spend on magazines and pies. The price of a pie is $12 1.) If the price of a magazine is $4 each, the maximum number of magazines she could buy in a week is ___. 2.) If she buys 1 pie the number of magazines she can buy in a week is ____. 3.) What is her S opportunity cost of purchasing a pie? ___ 4.) If Marie's weekly budget is $24, which she likes to spend on magazines and pies, and If the price of a pie is $12 each, what is the maximum number of pies she could buy in a week? ___
Poornima is a skilled toy maker who is able to produce both boats and kites. She has 8 hours a day to produce toys. The following table shows the daily output resulting from various possible combinations of her time. Choice Hours Producing Produced (Boats) (Kites) (Boats) (Kites) A 8 0 4 0 B 6 2 3 11 C 4 4 2 17 D 2 6 1 19 E 0 8 0 20 On the following graph, use the blue points (circle symbol) to plot Poornima's initial production possibilities frontier (PPF). Initial PPFNew PPF012345678302520151050KITESBOATS Suppose Poornima is currently using combination D, producing one boat per day. Her opportunity cost of producing a second boat per day is per day. Now, suppose Poornima is currently using combination C, producing two boats per day. Her opportunity cost of producing a third boat per day is per day. From the previous analysis, you can determine that as Poornima increases her production of boats, her opportunity…