There is never enough of anything B. (TCO 3) In the short run, output (Points : 4)is absolutely fixed.can vary as the result of using a fixed amount of plant and equipment more or less intensively.may be altered by varying the size of plant and equipment which now exist in the industry.can vary as the result of changing the size of existing plants and by new firms entering or leaving the industry. Question 14. things which are plentiful have relatively high prices. 2. The Problem of Scarcity 2. 1(a)Explain the economic problem of scarcity and resource allocation, and evaluate the role of opportunity costs in determining how economics make decisions All the problems which are associated with money are known as economic problem. To achieve a more equitable distribution of income in the society B. inflow of goods and services. The Hunger in America 2014 study found that many households served by the Feeding America® network of food banks include people coping with a diet-related chronic disease. Economic scarcity requires people to make decisions regarding the efficient utilization of resources, to satisfy their basic needs as possible. things which are plentifulhave relatively high prices. fixed exchange rates. operating at the break-even point. Food supply is greatly affected by water shortage. individuals have to make choices from among alternatives. 2. (TCO 7) The most frequently used monetary device for achieving price stability is: (Points : 4)open market operations.the discount rate.the reserve ratio.the prime interest rate. Every society, at every level, must make choices about how to use its resources. 15. Suppose that the price of beer is increased by 10 percent. attainable, but the economy is inefficient. There Is Never Too Much Of Any Good Or Service Produced. (TCO 6) The time which elapses between the beginning of a recession or an inflationary episode and the identification of the macroeconomic problem is referred to as a(n) (Points : 4)budget lag.recognition lag.operational lag.administrative lag. 10. As a consequence of the condition of scarcity:- there is never enough of anything.- production has to be centrally planned.- things which are plentiful have relatively high prices.- individuals and communities have to make choices from among alternatives. workers in domestic firms producing the product. (TCO 8) A tariff is a (Points : 4)tax.price ceiling.quantity limit.subsidy. a managed gold standard. This applies equally to the poor and the rich people. 17. employment policy. 2. 19. Global hunger and food insecurity are frequently oversimplified as being primarily a problem of scarcity (not enough food) or a problem of distribution (not enough access to food). increase aggregate supply in the U.S. things which are plentiful have relatively high prices. - production has to be centrally planned. Two major causes of scarcity: 1. things which are plentiful have relatively high prices. inflow of payments for goods and services. (TCO 1) As a consequence of the problem of scarcity (Points : 4) there is never enough of anything. production has to be planned by government. 13. output is raised or reduced by changing the levels of variable inputs. Decisions must be made about what to produce, how to produce and for whom to produce. (TCO 8) In a two-nation world, comparative advantage means that one nation can produce (Points : 4)a product with fewer inputs than the other nation.a product at lower average cost than the other nation.a product at a lower domestic opportunity cost than the other nation.more of a product than the other nation. 0 0. (TCO 6) a) Identify the four major tools of monetary policy. (TCO 8) a) Explain four problems with the argument that trade protection is needed to protect American jobs. 7. production has to be planned by government. Trough, recovery, expansion, peak (TCO 3) A major reason that firms form a cartel is to (Points : 4)reduce the elasticity of demand for the product.enlarge the market share for each producer.minimize the costs of production.maximize joint profits. What would expansionary fiscal policy do? Question 17. bank deposits of households and business firms. Scarcity is the same as a shortage. 1. Question: As a consequence of the problem of scarcity PAGE 1: 1. It exists because human wants for goods and services surpass the quantity of goods and services that can be produced using all available resources. The economy is at equilibrium at Point B. 12. The production of goods and services must be controlled by the government. the wealth of consumers. (TCO 1) As a consequence of the problem of scarcity (Points : 4) there is never enough of anything. Peak, recession, trough, expansion. (TCO 1) As a consequence of the problem of scarcity (Points : 4) there is never enough of anything. a firm can change its fixed inputs. (TCO 7) How many members can serve on the Board of Governors of the Federal Reserve System? Increases in taxes and government spending C) The production of goods and services must be controlled by the government. (TCO 4) In calculating the unemployment rate, part-time workers are (Points : 4)counted as unemployed because they are not working full-time.counted as employed because they are receiving payment for work.used to determine the size of the labor force, but not the unemployment rate.treated the same as “discouraged” workers who are not actively seeking employment. In the far stretch of northern Peru where the family lives, medicinal oxygen to treat the coronavirus has become a scarce commodity. (Points : 4)SevenNine1214, Question 9. Freedom of enterprise and choice. When both these activities are affected, you can only expect a shortage in the food supply. As a consequence of the problem of scarcity (Points : 4) there is never enough ofanything. Expansion, recession, trough, peak exhibit less price elasticity of demand for a given product than consumers who do not clip and redeem coupons. There is never enough of anything b. (Points : 4)Federal Open Market CommitteeOffice of Management and BudgetThrift Advisory CouncilFederal Advisory Council. (TCO 1) As a consequence of the problem of scarcity (Points : 4) there is never enough of anything. Standard 1: Scarcity. things which are plentiful have relatively high prices. Families must decide whether to spend their money on a new car or a fancy vacation. When the supply of a resource decreases, the price of that resource drives up making it economically possible to bring new supplies in the market. As a consequence of the condition of scarcity, to get more of one thing you have to give up some of something else. B) There is never too much of any good or service produced. term auction facility. There is never enough of anything B. open market operations. 18. 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