1.7: Self-Check Questions

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Page ID: 215570

Ravjeet Singh
De Anza College

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Questions to Test Your Understanding

What is scarcity? Can you think of two causes of scarcity?
Residents of the town of Smithfield like to consume hams, but each ham requires 10 people to produce it and takes a month. If the town has a total of 100 people, what is the maximum amount of ham the residents can consume in a month?
A consultant works for $200 per hour. She likes to eat vegetables, but is not very good at growing them. Why does it make more economic sense for her to spend her time at the consulting job and shop for her vegetables?
A computer systems engineer could paint her house, but it makes more sense for her to hire a painter to do it. Explain why.
What would be another example of a “system” in the real world that could serve as a metaphor for micro and macroeconomics?

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Questions to Test Your Understanding