10 Questions
What is the best definition of scarcity in economics?
Our inability to satisfy all our wants
Which statement accurately reflects economists' view on scarcity?
Scarcity confronts both the poor and the rich
What defines the economic problem of scarcity according to the text?
Our inability to satisfy all our wants
When an economist refers to scarcity, what aspect is being highlighted?
The inability of society to satisfy all human wants because of limited resources
What is the main reason for fundamental economic problems according to the text?
Our wants exceeding our scarce resources
How can scarcity be eliminated according to the text?
None of the above because scarcity cannot be eliminated
In every economic system, resources are _____ and our wants are _____.
Limited; unlimited
Where does the problem of scarcity apply according to the text?
All economic systems, regardless of their level of development
What does scarcity require people to do according to the text?
Make choices
What is an incentive according to the text?
Could be either a reward or a penalty
Test your knowledge of the definition of economics with these multiple-choice questions. Explore concepts such as scarcity, resource allocation, and decision-making in economics.
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