Which of the following is true regarding scarcity?
a. Scarcity could be eliminated if all economies of the world would work together to solve world hunger.
b. Scarcity could be eliminated if we had full employment.
c. It is impossible to eliminate scarcity, given limited resources and unlimited wants.
d. Scarcity could be eliminated if all economies of the world would adopt communism.
e. Scarcity could be eliminated if all economies of the world would adopt a free market system.
Question 2
An airline decides to sell 5 seats that would otherwise remain unoccupied on a flight from California to Chicago for 300 each, instead of the regular price per ticket of 450 each. We can probably conclude that:
a. The marginal cost of providing each added seat on the flight was less than 300.
b. The average cost of providing each seat on the flight was less than 300.
c. The marginal cost of providing each seat on the flight was less than 450 but more than 300.
d. The average cost of providing each seat on the flight was 450.
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