Scarcity is
A) when a child wants a $1.00 can of soda and two 50¢ packs of gum and has $2.00 in her pocket.
B) our inability to satisfy all our wants.
C) an economic problem only for poor people.
D) a situation that exists during economic recessions but not during economic booms.
Correct Answer:
Verified
Q2: Scarcity is a situation in which
A) most
Q3: Economics is best defined as the study
Q4: Scarcity exists because
A) of the inefficient choices
Q5: Economists point out that scarcity confronts
A) the
Q6: All economic questions arise because
A) we want
Q9: The most fundamental economic problem is
A) scarcity.
B)
Q10: Fundamental economic problems basically arise from
A) the
Q11: People must make choices because
A) there are
Q11: An incentive
A) could be either a reward
Q12: As an economic concept, scarcity applies to
A)
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