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1. Governments in the countries affected by the pandemic face a policy dilemma of striking a balance between minimising the human cost of the coronavirus

1. "Governments in the countries affected by the pandemic face a policy dilemma of striking a balance between minimising the human cost of the coronavirus outbreak on the one hand, and the economic damage created by the containment measures on the other hand." Evaluate this statement from the economic point of view by discussing the concepts of scarcity, trade-offs and opportunity cost.

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