) Scarcity implies that A) people should limit their wants. B) firms must become more efficient when producing goods. C) people must make choices. D) non-renewable resources should never be used.

1) Scarcity implies that

A) people should limit their wants.

B) firms must become more efficient when producing goods.

C) people must make choices.

D) non-renewable resources should never be used.

2) Scarcity exists because human wants ________

3) The most basic concept in economics is

A) wealth.

B) income.

C) scarcity.

D) spending.

4) Scarcity means

A) not being able to satisfy all of everyone's needs.

B) not being able to satisfy all of everyone's wants.

C) having too little of a product to serve all customers who wish to buy it.

D) the same thing as shortage.

5) Which of the following statements about scarcity is TRUE?

A) Scarcity is no longer a problem for industrialized countries.

B) Scarcity is a problem only in countries that do not use markets to organize economic activity.

C) Scarcity exists in all societies.

D) Scarcity is a problem only in countries that use markets to organize economic activity.

6) Scarcity implies that people must

A) be selfish.

B) make choices.

C) be unhappy.

D) not be selfish.

7) In economic analysis,resources are ________ while people's wants are ________.

A) unlimited, unlimited.

B) limited, limited.

C) limited, greater than can all be satisfied.

D) unlimited, limited.

8) Economists sometimes say that wants are "unlimited" because

A) even if everyone could have all of the goods and services they wanted, they would not have enough time to enjoy them all.

B) studies have shown that they are unlimited.

C) no one ever has all they want of anything.

D) there are always going to be some people richer than others.

9) Economists do NOT refer to individual resources (such as oil) as scarce because ________

10) Imagine (assume) you have just met someone who truly means it when they say they "have everything they could want."  As a result,

A) scarcity would not be a problem.

B) scarcity would still be a problem unless every person in the world felt that way.

C) that person would not be rational.

D