Which of the following statements about scarcity is true?
A) Scarcity is not a problem for the wealthy.
B) Scarcity is only a problem when a country has too large a population.
C) Scarcity refers to the situation in which unlimited wants exceed limited resources.
D) Scarcity only arises when there is a wide disparity in income distribution.
Question 2
The principle of opportunity cost is that
A) the economic cost of using a factor of production is the alternative use of that factor that is given up.
B) taking advantage of investment opportunities involves costs.
C) the cost of production varies depending on the opportunity for technological application.
D) in a market economy, taking advantage of profitable opportunities involves some money cost.
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