Does economic growth overcome scarcity?
What will be an ideal response?
Scarcity reflects the inability to satisfy all our wants. Regardless of the amount of economic growth, scarcity will remain present because it will never be possible to satisfy all our wants. For instance it will never be possible to satisfy all the wants of the several thousand people who all would like to ski the best slopes on Vail with only their family and a few best friends present. So economic growth allows more wants to be satisfied but it does not eliminate scarcity.
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Anna and Maria produce shirts and ties. The figure above shows Anna's PPF and Maria's PPF. Anna and Maria can achieve the gains from trade if Anna produces ________ and Maria produces ________
A) ties; shirts B) shirts and ties; only ties C) only ties; shirts and ties D) shirts; ties
With the debris of more than 50 years of climbing on the beautiful high slopes – oxygen canisters, tents, backpacks and even some bodies – Mount Everest has been called the world's highest garbage dump
It has been suggested that there should be a limited number of climbers allowed on the mountain each year to limit the environmental degradation that occurs. This method of achieving efficient use of a common resource is most like A) a property right. B) an individual transferable quota. C) a production quota. D) a marginal social benefit right.