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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

Why do you think that most modern countries’

economies are a mix of command and market types?

What is scarcity? Can you think of two causes of scarcity?

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?

A balanced federal budget and a balance of trade

are secondary goals of macroeconomics, while growth

in the standard of living (for example) is a primary goal.

Why do you think that is so?

Explain whether each of the following government activities is motivated by concern about equality or a concern about efficiency. In the case of efficiency discuss the type of market failure involved.

  1. Regulating cable TV prices
  2. Providing some poor people with vouchers that can be used to buy food
  3. Prohibiting smoking in public places
  4. Breaking up standard oil (which once owned 90 percent of all U.S. oil refineries) into several smaller companies
  5. Imposing higher personal income tax rate on people with higher incomes.
  6. Enacting laws against driving while intoxicated
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