What were the approximate average incomes of Canadians and Indians in 2019?
282) What is meant by the "the individual's economic problem"?
283) Over the years, certain countries have faced what is called a debt crisis. This is a situation in which a country is unable to pay back its government debt. Recently Greece suffered a debt crisis. Describe the Greek Debt Crisis, and explain its relation to the Economic Problem?
284) What variables are used to determine the individual's budget line?
285) How do income changes affect the position of the budget line?
286) What do economists mean when they say that economic resources or factors of production are scarce or limited in supply?
287) What is meant by "society's economic problem"?
288) List the four resource categories and give a brief description of each.
289) What four basic functions does the entrepreneur perform for the economy?
290) Explain and evaluate: "If resources were infinitely abundant in relation to the demand for them, the economic problem would dissolve in a sea of affluence".
291) "The relative scarcity of resources makes the operation of any economy a matter of choosing between alternatives". Explain.
292) "The two cornerstones of economics are the scarcity of resources and the multiplicity of wants. True economy consists of deriving maximum want satisfaction from available resources". Explain.
293) Explain the relationship between full employment of resources and full production.
294) The production possibilities table below shows the hypothetical relationship between the production of food and clothing in an economy.
| Combination | Food | Clothing |
| A | 0 | 4 |
| B | 7 | 3 |
| C | 13 | 2 |
| D | 18 | 1 |
| E | 22 | 0 |