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Economics terminology Essay Topics & Paper Examples

Chapter 2 Exam – Scarcity and the World of Trade

CHAPTER 2 Exam – Scarcity and the World of Trade—offs MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 1)As a student of economics, when you speak of scarcity, you are referring to A)the ability of society to employ all of its resources. B) the ability of society to consume all that it produces. C)the inability of society to satisfy all human wants because of limited resources. D)the ability of society to continually make technological breakthroughs and increase production. 2)Which of the following statements is FALSE? A)As society increases its wealth, the problem of scarcity disappears. B)The factors of production are used to produce outputs that help society satisfy its wants. C)Even though a…