When an economist talks of scarcity, the economist is referring to the
A) ability of society to continually make technological breakthroughs and increase production.
B) inability of society to satisfy all human wants because of limited resources.
C) ability of society to consume all that it produces.
D) ability of society to employ all of its resources.
Correct Answer:
Verified
Q8: Scarcity is a situation in which
A) most
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
Q14: Scarcity can be eliminated through
A) exploration that
Q15: The study of economics
A) deals mainly with
Q16: Economics is best defined as the study
Q17: The problem of ʺscarcityʺ applies
A) only in
Q18: An inducement to take a particular action
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