Multiple Choice
Scarcity in economics means that:
A) we do not have sufficient resources to produce all of the goods and services we want.
B) the wants of people are limited.
C) there must be poor people in rich countries.
D) shortages exist in nearly all markets.
Correct Answer:
Verified
Correct Answer:
Verified
Q3: Marginal analysis:<br>A)refers to decisions about whether to
Q5: When markets don't achieve efficiency:<br>A)they must achieve
Q12: A busy professor can't decide whether to
Q13: Beth promises to do Alice's taxes, and
Q54: The phrase gains from trade refers to
Q72: Thinking in economic terms,when Mary Sweet-Tooth is
Q138: Economists define an efficient use of resources
Q163: Economists believe that resources should be used
Q172: Because one person's spending is another person's
Q197: If in Equitania,20% of the population receive