Market economies produce only a few relatively minor defects

Answer the following statement true (T) or false (F)

1) Products and services are scarce because resources are scarce. 2) An economy cannot produce at a point outside of its production possibilities curve because human economic wants are insatiable. 3) An economy cannot produce at a point outside of its production possibilities curve because human economic wants are insatiable. 4) The present choice of position on the production possibilities curve will not influence the future location of the curve.

In 2012, U.S. exports of services ______ U.S. imports of services by about _____.

A. exceeded; $19B B. fell short of; $19B C. exceeded; $196 B D. fell short of; $196B