Scarcity arises because
A) resources are limited and are inadequate to meet all human wants.
B) shortages occur in some markets.
C) natural resources are abundant.
D) some people do not behave in a rational manner.
Answer: A
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Which of the following exemplifies the tragedy of the commons?
A) Residents of the southern coast of Alaska receive only one public broadcasting signal which may be eliminated altogether if government funding is cut. B) The Lakeview Estates community is growing so fast that the city's only fire station is not able to keep pace with the population growth in the community. C) British citizens receive free universal health care administered by the government. D) The Tibetan Antelope, distinguished for its fur which is commonly used as a light wool, is a target for poachers.
Explain the differences between "human capital," "financial capital," and "capital."
What will be an ideal response?