One common definition of economics is the study of
A) how scarcity increases opportunities to meet ends.
B) how markets overcome scarcity.
C) one goal and three tasks.
D) how to use limited means to meet unlimited wants.
E) wants versus needs.
Correct Answer:
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Q112: Which of the following is considered by
Q113: The economic problem of scarcity
A)is unique to
Q114: Adam Smith believed that markets coordinated the
Q115: Economics is generally concerned with
A)the operation of
Q116: The problem of scarcity
A)applies to market-based economies.
B)applies
Q118: Some environmentalists argue that the scarcity of
Q119: The problem of scarcity
A)has been "cooked up"
Q120: Economics only applies to
A)decision making by households.
B)decision
Q121: What is the basic task that economists
Q122: Every economic decision involves a trade-off because
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