Which of the following statements is most accurate?
A) If something is rare it is also has to be scarce.
B) Scarcity can and will be eliminated in the short run.
C) Scarcity can and will be eliminated in the long run.
D) Scarcity cannot be eliminated in any time frame.
Correct Answer:
Verified
Q111: An economist at the University of Alaska
Q112: Economists use theories to:
A)abstract from the complexities
Q113: The best test of an economic theory
Q114: Difficulty in prediction social sciences is the
Q115: A good economic theory:
A)rests on realistic assumptions.
B)explains
Q117: An economic theory:
A)should be as detailed as
Q118: An economic hypothesis:
A)can be tested using empirical
Q119: A hypothesis is:
A)a normative economic statement.
B)a testable
Q120: The term "ceteris paribus" means that:
A)everything is
Q121: A theory asserts that consumers will purchase
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