"Economics is the study of how people eliminate scarcity." Do you agree or disagree? Why?

What will be an ideal response?


Disagree. Economics is the study of how people make choices because of scarcity. Scarcity cannot be eliminated because people do not ever have enough of everything to satisfy their every desire. Scarcity is a fact of life for both rich and poor.

Economics

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Suppose Regretta Sigh becomes the lucky winner of a $10,000,000 state lottery jackpot after purchasing a single $1.00 lottery ticket. How does her lucky expenditure affect current GDP?

A) GDP rises by $1.00. B) GDP rises by $9,999,999. C) GDP rises by $10,000,000. D) GDP rises by $10,000,001. E) GDP rises by the present value of the total cash prize.

Economics

Explain why equalizing the marginal utility per dollar for all goods maximizes utility

What will be an ideal response?

Economics

An external benefit is a benefit from an activity that falls on a third party who is not a party to the activity

a. True b. False

Economics

If the personal saving rate is 20% and personal saving is $20 billion, the value of personal disposable income is

A. $4 billion. B. $20 billion. C. $100 billion. D. $400 billion.

Economics