Because People's Wants Are Unlimited but Resources Are Scarce

question 4

Multiple Choice

Because people's wants are unlimited but resources are scarce,

• A)only the rich get everything they want
• B)choices must be made
• C)there will be more services produced than goods
• D)people search for spiritual fulfillment rather than material fulfillment
• E)poor people never get anything they want

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Definitions:

Trade Permits

Legal documents or licenses required to engage in certain types of trade or business, often used to regulate or protect industries.

Pollution Reduction

Pollution reduction refers to strategies and activities aimed at decreasing the amount of pollutants released into the environment.

Government Caps

Limits or regulations imposed by government on prices, rents, or quantities that can be charged or supplied in certain markets.

Marginal Social Benefit

The additional benefit to society as a whole from the consumption or production of one more unit of a good or service.