Whether studying the output of the U.S. economy or how many classes a student will take, an unifying concept is that:
A) wants are limited and resources are unlimited, so trade-offs are unnecessary.
B) wants are unlimited and resources are scarce, so trade-offs have to be made.
C) wants are limited and resources are unlimited, so trade-offs have to be made.
D) both wants and resources are unlimited.
Correct Answer:
Verified
Q2: An implication of scarcity is that:
A)people will
Q3: The Cost-Benefit Principle indicates that an action
Q6: Economists recognize that because people have limited
Q11: A rational person:
A)makes choices based on total
Q13: Chris has a one-hour break between classes
Q14: The Scarcity Principle applies to:
A)poor people primarily.
B)consumers
Q16: Forest lives in complete isolation in Montana.
Q17: Josh wants to go to the football
Q18: According to the Cost-Benefit Principle, you should
Q20: The Scarcity Principle applies to:
A)all decisions.
B)only market
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