Scarcity, Resource Allocation, The Central Economic Problem & Systems

Topic#1-Scarcity, Resource Allocation, the Central Economic Problem and Economic Systems. Each question in this section will be graded out of 10 points.

(1)“One of the best ways to test the success of an economic system is to assess its progress against income-wealth inequality.” Present three (3) arguments either for OR against this proposition. (explain)

(2a)What is the scope of study of macroeconomics?

(2b)Is the “central economic problem” of macroeconomics in principle identical to the “central economic problem” of microeconomics? Give a rationale for your answer.

(2c)What is meant by the term “the efficient allocation of scarce resources” in a national economy?

(2d)Why is the efficient allocation of scarce resources an important concern for macroeconomists?

(2e)How do principles#1 and #2 relate to the “central problem” faced by the US macro economy?

(2f)Is the assertion of neoclassical economists that a “trade-off” is inevitable between efficiency and equity valid? Why or Why not? Clearly explain your answer.

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