Question
1. Does scarcity exist in a rich country? Explain. 2. Is it possible for a person to incur an opportunity cost without spending any money?
1. Does scarcity exist in a rich country? Explain.
2. Is it possible for a person to incur an opportunity cost without spending any money?
Explain.
3. Suppose an economy is producing at a point below the PPF. What does it imply?
4. Define economic growth. How does economic growth affect the PPF?
5. Explain what an economist means when s/he says that "decisions are made at the
margin."
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Microeconomics
Authors: Christopher T.S. Ragan, Richard G Lipsey
14th canadian Edition
321866347, 978-0321866349
