The study of economics
A) deals mainly with microeconomics.
B) focuses mainly on individual consumers.
C) recognizes that scarcity does not affect rich nations.
D) arises from the fact that our wants exceed available resources.
Correct Answer:
Verified
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
Q14: Scarcity can be eliminated through
A) exploration that
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
Q19: Economists point out that scarcity confronts
A) the
Q20: Economics is best defined as
A) controlling a
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