The economic problem of scarcity exists because:
A) human wants are assumed to be virtually unlimited meaning resources will always be scarce relative to wants
B) global warming is increasing the rate at which the natural resources are being depleted.
C) the world's resources are insufficient to sustain the global population
D) technological advances have increased the rate at which natural resources are being depleted
Correct Answer:
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Q51: The process by which resources are transformed
Q52: Opportunity cost is defined as:
A) the value
Q53: Suppose you weigh the costs and benefits
Q54: In factor markets:
A) factors of production flow
Q55: Opportunity cost is:
A) a cost that cannot
Q57: The bowed out shape of the production
Q58: The 'for whom' question is concerned with:
A)
Q59: Growth in potential output would occur when:
A)
Q60: The opportunity cost of going on a
Q61: Why is the issue of scarcity so
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