There are three ways to cope up with the problem of scarcity:
a. Economic growth.
b. Improvement of use of available resources.
c. Reduction of wants.
Explanation: Economic growth mean the ability if an economy to produces products and services. Using the products wisely can improve the usage and helps in saving the resources. Society can improve the use their existing or available resources in order to reduce the scarcity by: Efficiency in productivity, efficient allocation of resources, full employment with minimum wastage and equity.
Answer:
The correct answer is:
(a) -7783
(b) 6800
(c) -983
Explanation:
According to the given values in the question:
(a)
The price variance will be:
= 
= 
= 
(Favorable)
(b)
The quantity variance will be:
= 
= 
= 
= 
(Unfavorable)
(c)
The cost variance will be:
= 
= 
= 
(Favorable)
Answer:
A. average total cost is rising.
Explanation:
Whenever marginal cost is more than average cost it means it costs more to produce a unit now compared to the average cost of the previous units. Lets assume that a company produces 3 units of a good.
The first unit costs $1
The second unit costs $2
The third unit costs $3.
The average cost is (1+2+3)/3=2
Now if the marginal cost for producing a unit is more than the average cost for example if the marginal cost is 4, then this will mean that average total cost is rising. we can mathematically check this.
The first unit costs $1
The second unit costs $2
The third unit costs $3.
The fourth unit costs $4
Average cost= (1+2+3+4)/4=10/4=2.5
Here we see that the average cost increased from 2 to 2.5 because marginal cost was greater than average cost.
Answer:
C. workers with more years of formal schooling are less likely to be affected by ability, effort, and chance.
Explanation:
The <em>signalling theory in education</em> tells us that employees send "signals" to their employees regarding their education. In other words, employers are willing to pay higher wages to employees with additional years of formal schooling.
This means these qualified workers have their wage primarily defined by their education level, which does not always reflect their true skill-set (the output of ability and effort).
