Scarcity is a situation in which
A) most people can get only bare necessities.
B) people cannot satisfy all their wants.
C) people can satisfy all their wants.
D) some people can get all they want and some cannot.
Correct Answer:
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Q3: As an economic concept, scarcity applies to
A)
Q4: All economic questions are about
A) what to
Q5: Economics is best defined as the science
Q6: Scarcity exists because
A) of the inefficient choices
Q7: In every economic system, choices must be
Q9: All economic questions arise because we
A) want
Q10: An incentive
A) is the opposite of a
Q11: People must make choices because
A) there are
Q12: Fundamental economic problems basically arise from
A) the
Q13: When an economist talks of scarcity, the
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