Which of the following sets of terms describes the problem of scarcity in economics?
A. goods, land, and needs
B. choices, opportunity costs, and trade-offs
C. labor, needs, and opportunity costs
D. production, consumption, and wants
Answer: B
Economics
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In 2011, which category represented the largest source of receipts for the U.S. federal government?
a. Medicare b. Social Security c. corporate income taxes d. individual income taxes
Economics
Give a definition of technological advance. What role does time play in the definition according to economists?
What will be an ideal response?
Economics