Multiple Choice
Which of the following statements regarding the basic economic problem of scarcity is correct?
A) The problem exists only in countries that are not highly industrialized.
B) The problem is likely to disappear as production increases.
C) The problem is sure to disappear as technology improves.
D) The problem will exist as long as resources are available in limited amounts.
E) The problem will disappear as a person's income falls.
Correct Answer:
Verified
Correct Answer:
Verified
Q13: Microeconomics is the study of:<br>A)marginal or inferior
Q24: An economic model will produce poor predictions
Q43: Which of the following is a service?<br>A)Anything
Q69: Households:<br>A)own and sell resources.<br>B)play a very minor
Q86: One might commit the fallacy of composition
Q97: Economists generally believe that<br>A)buyers and sellers have
Q99: A good or service is considered scarce
Q110: It is always rational to acquire more
Q123: Rational self-interest is equivalent to pure selfishness.
Q140: The simple circular-flow model for households and