Economists believe that scarcity forces everyone to:
a. satisfy all their wants.
b. abandon consumer sovereignty.
c. lie about their wants.
d. create unlimited resources.
e. make choices.
QUESTION 2People are forced to make choices because of:
a. unlimited wants and unlimited resources.
b. limited wants and unlimited resources.
c. unlimited wants and limited resources.
d. limited wants and limited resources.
e. irrational wants and limited resources.
QUESTION 3The perpetual state of insufficiency of resources to satisfy people's unlimited wants is:
a. apparent only in poor countries.
b. completely unrealistic.
c. present in modern economies, but not in the past.
d. the definition of scarcity.
QUESTION 4The perpetual problem in economics is:
a. our inability to work together effectively.
b. our inability to satisfy everyone's wants with the available resources.
c. a recognition of continual class differences.
d. our inability to utilize resources efficiently.
e. likely to be solved in resource-rich countries.
QUESTION 5Scarcity:
a. is a problem only in the poorer countries of the world.
b. can be solved by rapid advances in technology.
c. is a problem that exists in every economy.
d. is not a problem for the very rich.
QUESTION 6Human wants:
a. are unfilled only in the poorer countries of the world.
b. can be completely satisfied by advancing technology.
c. can never be fully satisfied.
d. only apply to necessities.
e. exist only if we are selfish.
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