Solution Manual for Essential Foundations of Economics, Global Edition, 7th Edition

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GettingStartedChapter1ANSWERS TOCHAPTERCHECKPOINTSStudy Plan Problems and Applications1.Provide three examples of scarcity that illustrate why even the 1,826billionaires in the world face scarcity.The 1,826billionaires might wantto be able to eat unlimited meals with-out gaining weight; live to be at least 140 years old and enjoy perfecthealth everyday; be able to wake up in San Francisco and go to sleep inParis after spending no more than 3 hours on a plane. None of thesewants can be fulfilled given the present state of technology and resourcesavailable.2.Label each entry inthe list as dealing with a microeconomic topic or amacroeconomic topic.Explain your answer.Motor vehiclesproduction in China is growing by 10 percent a year.This entry is a microeconomic topic becauseindividuals and businessesmake decisions whether to buy or sell cars.Coffee prices rocket.This entry is a microeconomic topic becauseindividuals and businessesmake decisions whether to buy or sellcoffee.Globalization has reduced African poverty.This entry is a macroeconomic topic becauseglobalization is the resultof choices made by billions of peoplerather than an individual or busi-ness.The government must cut itsbudgetdeficit.This entry is a macroeconomic topic becauseneither an individual nor abusiness makes decision to cut expenditures.Apple sells20million iPhone6smartphonesa month.This entry is a microeconomic topic becauseindividualsand Applemake decisionwhethertobuy or sell iPhones.

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Essential Foundations Of Economics ...

Solution Manual for Essential Foundations of Economics, Global Edition, 7th Edition

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