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To say that something is scarce means that is no longer available in stores. m

To say that something is scarce means that is no longer available in stores. must be conserved at any cost.

c.even the government cannot supply it.

d.sufficient amounts of it are available only at full employment and inflated prices.

e.not enough is available to satisfy people's wants at a zero price.




22.The concept of scarcity as used by economists refers to


b.a situation in which the available resources are not enough to satisfy the wants of the people.

c.a situation in which an item is available only in very small quantities.

d.a situation in which an item is very expensive.

e.a situation in which a resource is nonrenewable.




23.To an economist, scarcity means that is very time-consuming to find a good. a zero price, the available quantity of a good is insufficient to meet people's wants.

c.a good is unavailable. the current market price, the amount available is less than the amount that people want and are willing to pay for.

e.resources are unlimited but people's desires are limited.




24.Goods are scarce when

a.their price is too low.

b.their price is too high.

c.the amount people want is more than the amount available at a zero price.

d.they are necessities.

e.their price is controlled.




25.The basic economic problem is





e.lack of money.




26.To say that there is a scarcity of gold means that prices will rise.

b.there is not enough gold to satisfy people's demand for it at a zero price.

c.there are very few substitutes for gold. is very expensive.

e.the demand for gold is changing.




27.A good or service becomes scarcer over time if

a.the difference between quantities demanded and supplied at a zero price decreases.

b.the excess of the quantity demanded over the quantity supplied at a zero price increases.

c.the economy is capable of producing more goods and services.

d.people begin to reduce their requirements for the goods and services that are actually available.

e.the amount of a good available equals the amount desired.




28.Choices are not made because of limited





e.availability of goods.




29.Which of the following statements is false?

a.Economists look at the factors that lead an individual to decide that a particular idea is in his or her best interest.

b.Economists do not ask whether a particular decision is in the individual's best interest.

c.Choices must be made because of scarcity.

d.A particular choice is made because that choice provides the individual making the choice with the greatest satisfaction.

e.None of these statements is false?they are all true.




30.Which statement concerning opportunity costs is false?

a.Opportunity costs can always be expressed in money terms.

b.Every choice involves opportunity costs.

c.Opportunity costs are the highest-valued alternatives that must be forgone when a choice is made.

d.The full cost of an activity includes the opportunity costs.

e.Economists refer to the forgone benefits of the next-best alternative as opportunity costs.

Dec 14 2019 View more View Less

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