F1: Scarcity, Trade-off, Opportunity Cost
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Last updated over 6 years ago
5 questions
1
Small pox is a terrible disease that has killed millions of people throughout history. Through systematic use of a small pox vaccine, the World Health Organization declared small pox eradicated (eliminated) in 1980. Would small pox meet the economic definition of scarcity? Discuss.
Small pox is a terrible disease that has killed millions of people throughout history. Through systematic use of a small pox vaccine, the World Health Organization declared small pox eradicated (eliminated) in 1980. Would small pox meet the economic definition of scarcity? Discuss.
1
Categorize each of the following productive resources for a smoothie restaurant under the appropriate factor of production.
Categorize each of the following productive resources for a smoothie restaurant under the appropriate factor of production.
- Workers who can read and follow recipes
- Strawberries used in the smoothies.
- The owner who purchased and organized all inputs.
- The blender used to mix the smoothies.
- Natural Resources (Land)
- Human Capital
- Physical Capital (Capital Good)
- Entrepreneur
1
Sadie decided to go straight to college after high school rather than working for a year. Which of the following best describes the opportunity cost of her decision to go to college?
Sadie decided to go straight to college after high school rather than working for a year. Which of the following best describes the opportunity cost of her decision to go to college?
1
Based on the image above, it is rational to reduce pollution up to which point?
Based on the image above, it is rational to reduce pollution up to which point?
1
You hear that a developing nation is investing heavily in education and technology, while encouraging entrepreneurship and giving people the incentive to make a profit. Which of the following will most likely happen in this developing nation?
You hear that a developing nation is investing heavily in education and technology, while encouraging entrepreneurship and giving people the incentive to make a profit. Which of the following will most likely happen in this developing nation?