Microeconomics: Principles & Policy
14th Edition
ISBN: 9781337794992
Author: William J. Baumol, Alan S. Blinder, John L. Solow
Publisher: Cengage Learning
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Question
Chapter 3, Problem 1DQ
To determine
(a)
The resource limitation that affects the poorest person on earth.
To determine
(b)
The resource limitation that affects the richest person in the United States.
To determine
(c)
The resource limitation that affects a farmer in Kansas.
To determine
(d)
The resource limitation that affects the government of Indonesia.
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Discuss the resource limitations that affect:
The poorest person on earth
Bill Gates, the richest person in U.S.
A farmer in Haryana
The Government of India
The greatest incentive for conserving scarce resources and using them in the most productive ways comes when:
A government agency is put in charge of researching and allocating the resource.
The free market is allowed to function with few hindrances from government regulation.
The government owns all the natural resources of the country.
Socialism is fully in place.
Economics is the study of the allocation of the abundant resources in a country.
True
False
Chapter 3 Solutions
Microeconomics: Principles & Policy
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