Economics (13th Edition)

Chapter 1

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True. Resources that are non-renewable are finite ... more

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When resources are scarce, there is a need for a ... more

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The opportunity appears in scarcity, as resources ... more

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If a cricket player comes late for morning ... more

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To obtain optimal efficiency, marginal cost is ... more

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When the student feels tired during the exam hour ... more

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Some of the theories are given below:Planet P ... more

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There is no surety that both individuals will ... more

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The main reason behind building the theory is to ... more

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The theory highlights only the important points ... more

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The examination of a theory helps explain ... more

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The instructor assumes that all things remaining ... more

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Country U has abundant resources but it does not ... more

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Alcohol is good for some individuals who drink it... more

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Workers as a resource use mental and physical ... more

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Yes, as the resources that are used for the ... more

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As the person could have earned interest on the ... more

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The opportunity cost will be doing a job rather ... more

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The opportunity cost and change in behaviour are ... more

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Individual J could be considered to be an ... more

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Buying lunch is not an example of free lunch as ... more

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The economist consider and evaluates both the ... more

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The statement suggests that an individual seeks ... more

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For an economist, the most efficient level will be... more

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The efficient amount of study by Individual I is ... more

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The economist indicates that the first person who ... more

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If the relationship between X and Y is accurate, ... more

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People trades to increase the utility and to make ... more

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The statement is incorrect because when two ... more

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The positive economics is based on fact, whereas ... more

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No. A rationing device is a way of deciding who ... more

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Individual J can sleep a little longer for today, ... more

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Disagree, because as per the decision of margin, ... more

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Disagree. When the person smokes, the ... more

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Yes, Individual J would do so to assess the ... more

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The assertion means that in the formulation of the... more

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Point B is the efficient level of reading as, on ... more

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The new efficient cost of reading is MC2, which is... more

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; The figure shows the marginal cost and marginal... more

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