Scarcity

Question 1

(T/F) Full employment, insufficient

Answer 1

False

Question 2

(T/F) Resources not used, underemployed

Answer 2

False

Question 3

(T/F) Underemployment

Answer 3

False

Question 4

(T/F) Scarcity, unlimited

Answer 4

True

Question 5

(T/F) Resources being limited

Answer 5

True

Question 6

(T/F) Scarcity, supply induced

Answer 6

True

Question 7

(T/F) Scarcity can be structural

Answer 7

False

Question 8

(T/F) Price is the value

Answer 8

False

Question 9

(T/F) Production possibility curve

Answer 9

False

Question 10

(T/F) Efficiency is shown

Answer 10

False

Question 11

“the limited nature of society’s resources”

Answer 11

Scarcity

Question 12

Wants are _________, but the resources available to satisfy them are _______

Answer 12

Unlimited, Limited

Question 13

A curve displays the different combinations of goods and services that society can produce in a fully employed economy

Answer 13

Production Possibilities