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A thing is termed as a "good" (as opposite to a "bad") when: (w) its use improves human happiness. (x) its production needs capital and labor. (y) its value to society is restricted. (z) this is a service to people, as housecleaning.<
A technical approach to economics entail: (1) positive questions since this cannot resolve normative matters. (2) normative questions since this cannot resolve positive matters. (3) positive and normative questions since this can resolve all matters.
Social welfare is exploited while a “hedonistic calculus” regulates all human action as per the interventionist “liberal”: (i) John Stuart Mill. (ii) Thorstein Veblen. (iii) Milton Friedman. (iv) Karl Marx. (v)
Hey friends please give your opinion for the problem of economic resources that is given below: Resources (factors of production) do NOT comprise: (i) entrepreneurship. (ii) competition. (iii) land. (iv) capital. (
I need a good answer on the topic of scarcity economic problems. Please give me your suggestion that program, which gives health care at no charge to patients would create: (w) top quality health care obtainable to somebody. (x) health care a free goo
The erroneous analysis that economists seldom agree is LEAST attributable to the fact such that economists are: (w) acquire little media coverage while they agree, when disputes about how economic theory must be translated in policy a
New services and goods, new forms and types of equipment, and new knowledge regarding how to combine resources productively are all critical features of: (1) entrepreneurial profits. (2) winning the global war against scarcity. (3) net investment with
Economic scarcity is pervasive, that makes choices essential. Therefore, rationally optimal decisions hinge on tradeoffs which essentially reflect as: (1) using cooperative allocative mechanisms to minimize inequity. (2) opportunity costs. (3) competi
The value of the best foregone alternative explains: (w) opportunity costs. (x) monetary costs. (y) irrational behavior through a consumer. (z) retail price margins over production costs. How can I solve my above e
The opportunity cost of any type of decision is measured through the: (w) market price of career and education opportunities. (x) value of the worst optional choice sacrificed. (y) market price of the resources used in production. (z) value of the best optional choice
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