Multiple Choice
Michigan has an abundant supply of fresh water.However,an economist would consider it a scarce resource because:
A) water is necessary for human survival.
B) pollution will eventually destroy all life in the Great Lakes.
C) water is limited relative to people's unlimited wants.
D) water commands a very high price.
E) nature can destroy water as well as create it.
Correct Answer:

Verified
Correct Answer:
Verified
Q9: Secondary effects are consequences of economic actions
Q86: One might commit the fallacy of composition
Q93: Economics is best defined as the study
Q95: Economists believe that<br>A)people who choose to promote
Q113: Rational choice by an individual implies:<br>A)the use
Q114: The basic purpose of economic models is
Q115: Economics:<br>A)studies human behavior when scarcity exists and
Q121: College graduates with history or literature as
Q123: Rational self-interest is equivalent to pure selfishness.
Q135: A rational decision maker compares the expected