Which of the following statements about scarcity is TRUE?
A) Scarcity is no longer a problem for industrialized countries.
B) Scarcity is a problem only in countries that do not use markets to organize economic activity.
C) Scarcity exists in all societies.
D) Scarcity is a problem only in countries that use markets to organize economic activity.
Correct Answer:
Verified
Q11: Services can be thought of as
A)free goods.
B)intangible
Q13: Economists speak of using resources to satisfy
Q14: In economic language,"wants"
A)is another term for needs.
B)refer
Q15: Scarcity exists because human wants _.
Q17: In economic language,when a resource is used
Q18: In producing goods and services,trade-offs exist between
Q19: In economics,the things that people would consume
Q20: Economists do NOT refer to individual resources
Q21: Economics can usefully be defined as
A)the process
Q22: The most basic concept in economics is
A)wealth.
B)income.
C)scarcity.
D)spending.
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