Introduction to Economics Answers

Economists consider time to be a scarce resource.

According to economists, as a result of scarcity, people must __________.

Scarcity is an ongoing part of the human condition.

Which of the following would solve the problem of scarcity in the world and eliminate the need for economics?

A town builds a new road north of the town to replace one that was in bad shape. The new road is wider, has smooth pavement, and flowering bushes have been planted along the roadside. Compared to the road south of town, the new road gets very little use. This is because many of the residents work in a factory several miles south of town. The north road is used mostly on weekends by wealthy families driving to their mountain cabins. Many residents are angry about this. Which of the following economic questions was NOT adequately considered before building the road? i. What should be produced? ii. How should it be produced? iii. Who will use what is produced?

Two name brand electronic companies have decided join the cellular phone production market. To save money on how much they pay their employees, they have decided to have their new phones manufactured overseas. Which of the basic economics questions have these companies answered? i. What should be produced? ii. How should it be produced? iii. Who will use what is produced?

In order for a resource to be considered scarce it must be expensive.

Economists believe it is important to make __________ decisions about __________ resources.

Economics is the study of how society __________.

Which of the answer choices BEST explains what relative means in the sentence below?Scarcity is a relative concept; for instance, firewood may be scarce for some people but not for others.