ECONOMICS
OPPORTUNITY COST
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Esther decided the marginal benefit of having six more apples exceeded the marginal cost of paying 75 cents extra.
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Esther decided the marginal benefit of having six more Golden Delicious apples did not exceed the marginal cost of paying 75 cents extra.
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Esther compared the price per apple and decided the most expensive apples would be the best to buy, so she bought the bag.
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Esther compared the prices of the individual apples and the bag of apples and bought exactly the number of apples she needed to make two pies.
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Detailed explanation-1: -Answer and Explanation: The correct answer is b. Resources are scarce when compared to the demand for them. Scarcity is an economic problem, and it is defined as the gap between the unlimited wants of individuals and limited resources in the economy.
Detailed explanation-2: -D. Which statement BEST describes the U.S. government’s monetary policy and fiscal policy? A. Monetary policy reflects the Federal Reserve’s authority to change the money supply; fiscal policy reflects the government’s power to influence the economy through taxes, expenditures, and borrowing.
Detailed explanation-3: -Key components of games are goals, rules, challenge, and interaction.
Detailed explanation-4: -Why could the argument be made that the basic economic problems of scarcity and choice are faced by every society? Scarcity and choice are basic economic problems in every society because all people, regardless of economic status, have unlimited wants, but resources are limited.