Michigan has an abundant supply of fresh water.However, an economist would consider it a scarce resource because
A) water is necessary for humans' physical survival
B) pollution will eventually destroy all life in the Great Lakes
C) water is limited relative to people's unlimited wants
D) water commands a very high price
E) nature can destroy water as well as create it
Correct Answer:
Verified
Q4: The existence of scarcity as defined by
Q5: Economics is the study of
A)how to get
Q7: Economics is best defined as the study
Q8: Economics is best described as the
A)study of
Q10: Economics studies how decision makers use scarce
Q11: The study of how nations deal with
Q12: Economics is best defined as the study
Q13: Rent is the payment received by resource
Q14: Scarcity is best defined as
A)unlimited resources
B)a shortage
Q215: Some individuals or families can become completely
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents