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Business
Study Set
Principles of Macroeconomics Study Set 11
Quiz 2: The Economic Problem: Scarcity and Choice
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Question 101
Essay
Evaluate the following two statements: "He is income rich but he is not very wealthy" "He is income poor but he is wealthy"
Question 102
Essay
What is the difference between income and wealth?
Question 103
Essay
Explain three of the shortcomings of the free-enterprise system.
Question 104
Essay
What is the economic problem? How does a command economy solve the economic problem?
Question 105
Essay
What problems does a command economy face when it tries to determine what to produce for the economy?
Question 106
Essay
Explain how it is possible for a recently retired postal worker to be more wealthy than a rookie professional football player even though it is widely recognized that football players earn more than postal workers.