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rubycod879Lv1

6 Oct 2020

Because of scarcity:

a) Resources are limitless.
b) Wants are limited.
c) Choices are unlimited.
d) We face trade-offs in nearly every choice we make.

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31 Oct 2020

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Which of the following sets of terms describes the problem of scarcity in economics?

A) Production, consumption, and wants.

B) Goods, lands, and needs.

C) Choices, opportunity costs, and trade-offs.

D) Labor, needs, and opportunity costs.

crimsonreindeer712

In economics, scarcity means that:

a. we do not have sufficient resources to produce all 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.

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5. Scarcity differs from poverty because A) scarcity is everywhere. wants exceed resources even for the rich. the rich do not have to make choices. the poor do not have any choices. E) none of the above. B)

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Because of scarcity:

a) Resources are limitless.
b) Wants are limited.
c) Choices are unlimited.
d) We face trade-offs in nearly every choice we make.

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Principles of Economics

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Because of scarcity: a) Resources are limitless.b) Wants are limited.c) Choices are unlimited.d) We face trade-offs in nearly every choice we make.

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Related textbook solutions

Principles of Economics

Principles of Macroeconomics

Principles of Microeconomics

Related questions

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Because of scarcity:

a) Resources are limitless.
b) Wants are limited.
c) Choices are unlimited.
d) We face trade-offs in nearly every choice we make.