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Tradeoff/Decision

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1. Resources are
A. scarce for households but plentiful for economies.
B. plentiful for households but scarce for economies.
C. scarce for households and scarce for economies.
D. plentiful for households and plentiful for economies.

25. Ben bakes bread and Shawna knits sweaters. Ben likes to eat bread and wear sweaters, and the same is true for Shawna. In which of the following cases is it impossible for both Ben and Shawna to benefit from trade?
A. Ben cannot knit sweaters and Shawna cannot bake breaD.
B. Ben is better than Shawna at baking bread and Shawna is better than Ben at knitting sweaters.
C. Ben is better than Shawna at baking bread and at knitting sweaters.
D. None of the above is correct.

26. Shannon bakes cookies and Justin grows vegetables. In which of the following cases is it impossible for both Shannon and Justin to benefit from trade?
A. Shannon does not like vegetables and Justin does not like cookies.
B. Shannon is better than Justin at baking cookies and Justin is better than Shannon at growing vegetables.
C. Justin is better than Shannon at baking cookies and at growing vegetables.
D. All of the above are correct.

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Solution Preview

1. Resources are scarce for households but plentiful for economies. This makes sense since households are small and relatively insignificant on their own. However, when you put many of them together, you get the activities of an entire economy. After all, think about common resources? Gold, petroleum, forests, freshwater, etc. ...

Solution Summary

Tradeoffs/Decisions are presented.

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