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Economics Mid Term

02/04/2020 Client: jessical Deadline: 2 Day

Microeconomics


1. Which of the following is not a basic question that each economy must answer?


 [removed]A) Which resources are scarce?

 [removed]B) For whom shall the goods be produced?

 [removed]C) How shall goods be produced?

 [removed]D) What goods shall be produced?




2. If Kim can either wash 10 cars or wax 2 cars during a day, and Vince can either wash 17 cars or wax 2 cars during a day, then according to the law of comparative advantage,



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