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Question 5 2.5 pts Human beings have ________ wants and desires for goods and services. They...

Question 5 2.5 pts
Human beings have ________ wants and desires for goods and services. They also have ________ financial means with which to pay for them.
Group of answer choices

limited; limited

limited; unlimited

unlimited; limited

unlimited; unlimited
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Question 6 2.5 pts
A tree in a forest is an example of a(n)
Group of answer choices

capital resource.

entrepreneurial resource.

human resource.

natural resource.
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Question 7 2.5 pts
The cost associated with hiring one more unit of labor is
Group of answer choices

absolute cost.

capital cost.

economic cost.

marginal cost.

opportunity cost.
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Question 8 2.5 pts
Which of the following is an example of a progressive tax?
Group of answer choices

flat tax

income tax

property tax

sales tax

Both flat tax and income tax were noted in the text as progressive taxes.

Solutions

Expert Solution

5) The correct option is unlimited; limited

Explanation : - The field of economics tries to solve the fundamental problems of scarcity . The problem of scarcity arises due to fact that human wants and desires are unlimited but humans possess limited economic resources such as financial resources to meet the unlimited demand for goods and services.

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6) The correct option is natural resource.

Explanation:- Natural resources are things that are freely available in nature . They can be used to produce a good or service. Examples of natural resources include minerals, trees in a forest , animals etc.

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7) The correct answer is Marginal cost

Explanation:- Marginal cost is the increase in the total cost when an additional unit of output is produced or when an additional unit of input such as capital or labor is added to the production process.

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8) The correct answer is income tax.

Explanation:- In a progressive tax system, the taxes paid on the income increases as the income rises. Income tax is a progressive tax because when an individual earns higher income, the taxes paid on the income also increases because the percentage of tax rate gets higher as income rises.

jeff jeffy answered 2 hours ago
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