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Chapter 1: Q 7. (page 24)

What is an example of a problem in the world today, not mentioned in the chapter, that has an economic dimension?

Short Answer

Expert verified

An issue in this present reality that has an economic dimension is overpopulation.

Step by step solution

01

Step 1. Meaning of economics.

The investigation of how well people can as a rule settle on decisions under the conditions of scarcity is typically named as economics.

It is generally regarded as a study of the demand and supply of goods as well as services and also observing how it affects the market as well as the national income of an economy.

02

Step 2. A problem in the world.

An issue in this present reality that has a financial aspect is overpopulation. With limited reosurces available and unlimited wants and needs, overpopulation would cause the problem of scarcity to worsen.

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Most popular questions from this chapter

A 1996 bill reforming the federal government’s antipoverty programs limited many welfare recipients to only 2 years of benefits.

  1. How does this change affect the incentives for working?
  2. How might this change represent a trade-off between equality and efficiency?

The main reason that some nations have higher average living standards than others is that

A. the richer nations have exploited the poorer ones.

B. the central banks of some nations have created more money.

C. some nations have stronger laws protecting worker rights.

D. some nations have higher levels of productivity.

Describe some of the trade-offs faced by each of the following:

a. a family deciding whether to buy a new car

b. a member of Congress deciding how much to spend on national parks

c. a company president decidingwhether to open a new factory

d. a professor deciding how much to prepare for class

e. a recent college graduate deciding whether to go to graduate school

What is the difference between microeconomics and macroeconomics?

What is globalization? How do you think it might have affected the economy over the past decade?
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