Question: 1. Does scarcity exist in a rich country? Explain. 2. Is it possible for a person to incur an opportunity cost without spending any money?

1. Does scarcity exist in a rich country? Explain.

2. Is it possible for a person to incur an opportunity cost without spending any money?

Explain.

3. Suppose an economy is producing at a point below the PPF. What does it imply?

4. Define economic growth. How does economic growth affect the PPF?

5. Explain what an economist means when s/he says that "decisions are made at the

margin."

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