Multiple Choice
Scarcity is best defined as
A) unlimited resources
B) a shortage -- when buyers cannot obtain the goods they want
C) a surplus -- when sellers cannot sell the goods they produce
D) insufficient resources to satisfy unlimited wants
E) the private ownership of society's resources
Correct Answer:
Verified
Correct Answer:
Verified
Q61: Your friend notices that U.S. auto production
Q128: The expression "There's no such thing as
Q129: When constructing an economic model, economists<br>A)rely mostly
Q130: Rational choice by an individual implies<br>A)the use
Q131: One problem with rent controls is that
Q133: The difference between a positive economic statement
Q134: As a scientist, an economist's main professional
Q135: A rational decision maker compares the expected
Q136: Economic decision makers will continue to acquire
Q137: Step one in the scientific method is<br>A)formulate