Scarcity is:
A) only a problem in modern industrialized economies.
B) only a problem in impoverished economies.
C) only a problem in centrally planned economies.
D) a word meaning that there is a shortage of goods at the current market price.
E) a problem that necessitates making choices and tradeoffs.
Correct Answer:
Verified
Q7: Economics is a science that:
A)typically uses controlled
Q8: Fundamentally, economics is concerned with:
A)how scarce resources
Q10: The fundamental economic problem is:
A)poverty.
B)unemployment.
C)scarcity.
D)government intervention into
Q11: The problem of scarcity:
A)exists because resources are
Q13: Which of the following statements are true?
A)Scarcity
Q14: Scarcity:
A)exists because basic human survival needs cannot
Q17: Economics is most importantly concerned with:
A)how to
Q25: Which of the following forces us to
Q30: Scarcity is the result of:
A)government decision making.
B)inappropriate
Q55: Scarcity exists because of:
A)the allocation of goods
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