Which of the following is true
a. To choose is to lose.
b. Scarcity forces us to compete, but not to choose.
c. Scarcity forces us to choose, but not to compete.
d. Economic principles would be irrelevant if scarcity was eliminated.
Question 2
In some rural regions of the United States, residents harvest much of their food supplies directly from nature by hunting, fishing, and gathering. With regard to these subsistence activities:
a. GDP will overestimate the true value of the nation's production of final goods and services.
b. GDP will underestimate the true value of the nation's production of final goods and services only when the income approach is used.
c. GDP will correctly estimate the true value of the nation's production of final goods and services.
d. GDP will underestimate the true value of the nation's production of final goods and services.
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