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ivolga24 [154]
3 years ago
15

Which of the following situations represents an economic problem? a) A student trying to decide how to spend his weekly allowanc

e. b) A country choosing to sacrifice some privacy in order to gain more security. c) Neither situation is an example of an economic problem. d) Both situations are examples of an economic problem.
Business
1 answer:
enot [183]3 years ago
5 0
<h2>Both situations are examples of an economic problem.</h2>

Explanation:

Let us understand the term "economic problem"

Though the expectation of the people are endless, the "resources available" to satisfy the need is limited. This causes the "economic problem".

A student trying to decide how to spend his weekly allowance:

The need of student may be endless but still he is in a position to decide only based on the amount which he has to spend. He needs to prioritize the needs and then spend accordingly.

A country choosing to sacrifice some privacy to gain more security:

Under a compelled situation, the country has to sacrifice the privacy and then have to gain security. The loss due to negotiation of privacy is for sure and this leads to economic problem.

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Assume the macro islands can produce either 25 fishing boats or 150 jars of guava jelly in one hour. the micro islands can produ
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Answer:

The correct answer is letter "C": the Macro Islands have a comparative advantage in producing fishing boats, and the Micro Islands have a comparative advantage in producing guava jelly.

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Comparative advantage is an advantage an individual, organization or country has to use <em>opportunity costs</em> in their production compared to their competitors. The scenario described above does not imply that the individual, organization or country has an absolute advantage.

In the example proposed:

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Thus, <em>the Macro Islands have a comparative advantage in producing fishing boats, and the Micro Islands have a comparative advantage in producing guava jelly.</em>

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