The problem of economic scarcity applies
A) only in industrially developed countries, because sophisticated resources are scarce.
B) only in underdeveloped countries, because there are few productive resources.
C) only in non-democratic countries, where there are chronic shortages.
D) to all economic systems, regardless of their level of development.
Correct Answer:
Verified
Q1: Which of the following statements is FALSE?
A)
Q3: "Using economics" means
A) saving money.
B) eliminating scarcity.
C)
Q4: Wants are goods and services that you
A)
Q5: Opportunity costs arise from
A) scarcity.
B) poverty.
C) poor
Q6: Opportunity costs do not arise when
A) the
Q7: Opportunity cost is always
A) a financial cost.
B)
Q8: Economic theory asserts that altruistic behavior
A) involves
Q9: Economics has traditionally been referred to as
Q10: Those things we like to have and
Q11: Economics is best defined as the
A) study
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