Could really use some help answering these question and could you give a brief e
ID: 1151614 • Letter: C
Question
Could really use some help answering these question and could you give a brief explination Thanks!
1. Resources are (a) scarce for households but plentiful for economies (b) plentiful for households but scarce for economies (c) scarce for households and scarce for economies. (d) plentiful for households and plentiful for economies. 2. The overriding reason why households and societies face many decisions is that (a) resources are (b) goods and services are not scarce. c incomes fluctuate with business cycles. (d) people, by nature, tend to disagree. scarce. 3. Which of the following is an example of something economists study (a) Mitch chooses to work overtime to earn extra income for his family (b) Megan sells her physics text book from last semester to her roommate for half the price of a new textbook. (c) The unemployment rate in the United States has fallen by two percentage points in the last few years (d) All of the above are correct. . The principle that "people face tradeoffs" applies to (a)individuals. (b) families. (c) societies. (d) All of the above are correct.Explanation / Answer
Question 1
Resources implies things that are utilized to produce final goods and services that are used to satisfy human wants.
Human wants are unlimited but resources are limited.
This limited quantity of resources make them scarce.
This scarcity of resources is applicable in equal measures to an individual household as well as to economy as a whole.
So,
Resources are scarce for households and scarce for economies.
Hence, the correct answer is the option (c).
Question 2
Households as well as societies are plauged with multitude of wants. However, resources at their disposal are limited and, moreover, these resources have alternative uses.
This compel the households as well as societies to make choice or to make decision regarding how to utilize limited resources relative ti unlimited wants.
So,
The overriding reason why households and socities face many decisions is that resources are scarce.
Hence, the correct answer is the option (a).