As an economic concept, scarcity applies to
A) both money and time.
B) money but not time.
C) time but not money.
D) neither time nor money.
Correct Answer:
Verified
Q1: Scarcity is
A) our inability to satisfy all
Q2: In every economic system, choices must be
Q3: Scarcity exists because
A) society and people are
Q4: All economic questions arise because we
A) want
Q6: When an economist talks of scarcity, the
Q7: People must make choices because
A) most people
Q8: An incentive
A) could be a reward but
Q9: Economics is best defined as the science
Q10: Scarcity requires that people must
A) cooperate.
B) compete.
C)
Q11: Scarcity is a situation in which
A) people
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