For the Remaining Questions, Reduce All Fractions to Their Simplest

question 3

Short Answer

For the remaining questions, reduce all fractions to their simplest forms. Convert all improper fractions to mixed numbers. Provide answers in the following format:
Fraction: 3/4
Mixed number: 1 5/8
-Letter J measures what distance on the tape?

Identify the economic reasons behind scarcity and the economic problem.

Explain the role of economic resources and their classification.

Understand the concept and significance of the production possibilities frontier (PPF).

Define economic growth and identify factors contributing to it.

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Definitions:

Petroleum

A natural, flammable liquid found in the Earth's formations, composed of a complex mixture of hydrocarbons and used primarily as fuel.

Opportunity Cost

The value of the best alternative forgone when a decision is made to pursue a particular course of action.

Machinery

Mechanical devices or equipment used in various industries to perform tasks more efficiently than manual labor.

Petroleum

A naturally occurring liquid found beneath the Earth's surface that can be refined into fuel and various chemical products.