Which of the following sets of terms describes the problem of scarcity in economics?
A) goods, land, and needs
B) labor, needs, and opportunity costs
C) choices, opportunity costs, and trade-offs
D) production, consumption, and wants
Answer: C
Economics
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The final consumer demand for beef in America will shift to the right if
A. the price of cattle decreases. B. the price of chicken increases. C. the price of pork decreases. D. the price of beef decreases.
Economics
Each and every point along a production possibilities curve represents an efficient output option for an economy
a. True b. False Indicate whether the statement is true or false
Economics