ECON 2000 : Econ Test Bank

which of the following is not one of the three core economic issues that must be resolved?

 

(a). How to produce the goods and services we select.

 

(b). What to produce with unlimited resources.

 

(c). Who should get the goods and services we produce.

 

(d). What to produce with limited resources.

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.

which of the following best explains why resources need to be allocated in the game of economics?

A) natural resources are often found in places far from where they are used for production

B) if sufficient resources are not set aside for future production, scarcity cannot be eliminated

C) there are not enough resources to produce all of the goods and services that everyone wants.

D) there are always different production methods for the same goods and services