Economists generally define economic growth as an increase in real income per capita.
a. True
b. False
Indicate whether the statement is true or false
Question 2
Which of the following is a result of scarcity?
a. Costs are incurred in making choices.
b. We attempt to utilize our resources as efficiently as possible.
c. We must make choices between production possibilities.
d. We are unable to produce all we would like to produce.
e. All of these.
