When is a good considered scarce in a society?
A) when more output of the good is possible
B) when everyone in that society cannot have all they want of the good
C) when the government restricts production of the good
D) when only the richest people in the economy can buy all they want of the good
Correct Answer:
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Q1: What do households and economies have in
Q2: Why do both households and societies face
Q4: Which word comes from the Greek word
Q5: Approximately what percentage of the world's economies
Q6: How are goods and services allocated in
Q7: From which of the following is the
Q8: What do economists study?
A) how people make
Q9: When does scarcity exist?
A) when there is
Q10: What concept is illustrated by the adage,
Q11: What is NOT included in the decisions
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