The problem of scarcity:
A) exists because resources are limited relative to wants.
B) exists because wants are limited relative to resources.
C) can be eliminated through appropriate government intervention in markets.
D) does not exist in communist societies.
E) does not exist in a barter economy.
Correct Answer:
Verified
Q22: Economics is the study of:
A)Economics is the
Q23: Scarcity is:
A)a problem only in modern industrialized
Q24: When making decisions, economists believe that individuals
Q25: From an economist's perspective, which of the
Q26: Which of the following forces us to
Q28: Individuals:
A)respond to incentives in predictable ways.
B)increase the
Q29: Suppose the government decides to impose a
Q30: Scarcity:
A)occurs only in command economies
B)can be eliminated
Q31: A tax cut will lead to higher
Q32: A person behaving rationally will:
A)always avoid illegal
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