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Microeconomics-Test-Bank

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change in the typesetting industry Incorrect 6 Scarcity in economics means:  We do not have sufficient resources to produce all the goods and services we want. (True Answer )Correct  The wan... ts of people are limited. Incorrect  There must be poor people in rich countries. Incorrect  Shortages exist in nearly all markets. Incorrect 7 If resources are “scarce,” it means that they:  cannot provide enough goods or services to satisfy all human material wants and needs. (True Answer )Correct  have no opportunity cost. Incorrect  are probably not valued by consumers. Incorrect  have an unlimited supply. Incorrect 8 A key theme fundamental to all of economics is:  There are limited wants. Incorrect  We are a rich country but are simply not aware of it. Incorrect  People have unlimited wants facing limited means to satisfy them. (True Answer )Correct  There are unlimited resources. Incorrect 9 The problem of scarcity is confronted by:  industrialized societies only. Incorrect  preindustrialized societies only. Incorrect  societies governed by communist philosophies only. Incorrect  all societies. (True Answer )Correct 10 When we are forced to make choices, we are facing the concept of:  ceteris paribus. Incorrect  free goods. Incorrect  scarcity. (True Answer )Correct  the margin. Incorrect [Show More]

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