When economists say goods are scarce, they mean:
a. consumers are too poor to afford the goods and services available.
b. consumers are unwilling to buy goods unless they have very low prices.
c. goods are generally freely available from nature in most countries.
d. the desire for goods and services exceeds our ability to produce them with the limited resources available.
d
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Opportunity cost:
a. has no relationship to the various alternatives that must be given up when a choice is made in the context of scarcity. b. represents the worst alternative sacrificed for a chosen alternative. c. represents all alternatives not chosen. d. represents the best alternative sacrificed for a chosen alternative.
Some policy makers have suggested that mandatory health insurance coverage would:
A. help to reduce the cost of health care. B. overcome adverse selection in the market for health insurance. C. keep premiums lower than if healthy people could opt out. D. All of these statements are true.