ECO 210 Chp 1 HA 1

ECO 210 Chp 1 HA 1 - rapidly in a market economy because it...

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Macroeconomics 210 HA 1 (pg. 21 – PAA# 2.4; pg. 22 – PAA# 2.5, 3.4, 3.6) PAA# 2.4) Bill Gates faces scarcity, along with everyone else on the planet. Some resources are limited, such as time, and despite Gates’ wealth, he cannot purchase more time. He is allotted the same amount as anyone else. There are no exceptions to scarcity. Everything either is in limited amounts or cost some amount. PAA# 2.5) I would expect new and better machinery and equipment to be adopted more
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Unformatted text preview: rapidly in a market economy because it would enable the firms to produce more products more quickly to meet the wants of the consumers. PAA# 3.4) I disagree with the given statement because Economists do not just make assumptions, but they form and test hypotheses in economic models that have been confirmed by statistical analysis. PAA# 3.6) Since it is not possible to test Dr. Strangelove’s theory, it is not a useful theory....
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