The fundamental economic problem faced by individuals is
A) scarcity.
B) comparative advantage.
C) fair allocations of goods and services.
D) randomness in the distribution of income.
Correct Answer:
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Q10: What incentive is created by a first-come
Q11: People trade because
A)they are able to take
Q11: All the costs of a transaction are
Q12: Trade is promoted by
A)having a self-interested population.
B)proper
Q14: Allocation schemes can be based on
A)prices.
B)randomness.
C)government decisions.
D)all
Q16: Data suggest that which of the following
Q16: With economies of scale came
A)larger families.
B)simpler business
Q17: Prior to 1840, most businesses were
A)family-owned.
B)corporate in
Q18: What motivates the actions of entrepreneurs in
Q20: Economists argue that which allocation scheme leads
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