When an economist talks of scarcity, the economist is referring to the
A) ability of society to employ all of its resources.
B) ability of society to consume all that it produces.
C) inability of society to satisfy all human wants because of limited resources.
D) ability of society to continually make technological breakthroughs and increase production.
Correct Answer:
Verified
Q1: Scarcity is
A) our inability to satisfy all
Q2: In every economic system, choices must be
Q3: Scarcity exists because
A) society and people are
Q4: All economic questions arise because we
A) want
Q5: As an economic concept, scarcity applies to
A)
Q7: People must make choices because
A) most people
Q8: An incentive
A) could be a reward but
Q9: Economics is best defined as the science
Q10: Scarcity requires that people must
A) cooperate.
B) compete.
C)
Q11: Scarcity is a situation in which
A) people
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