When an economist talks of scarcity, the economist is referring to the
A) ability of society to employ all of its resources.
B) inability of society to satisfy all human wants because of limited resources.
C) ability of society to continually make technological breakthroughs and increase production.
D) ability of society to consume all that it produces.
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
Q7: Scarcity is
A) when a child wants a
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
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