Which of the Following Is Not Considered to Be Scarce

question 130

Multiple Choice

Which of the following is not considered to be scarce for an economy as a whole?

• A)Money
• B)Workers
• C)Land
• D)Machinery
• E)Factories

Investigate the role of children and family dynamics in subjective well-being.

Understand the concept of locus of control and its impact on mental health.

Evaluate the relationship between sensation seeking and various personality dimensions.

Interpret the role of gender and cultural differences in sensation seeking and locus of control.

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Definitions:

Anchoring

A cognitive bias in decision-making where individuals rely too heavily on an initial piece of information (the "anchor") when making judgments.

Minimum Payments

The smallest amount of a debt that must be paid each period, often used in the context of credit card debt or loans to avoid penalties.

Endowment Effect

A cognitive bias where people ascribe more value to things merely because they own them.

Gains

The increase in economic benefit, which can be measured in terms of profit, utility, or welfare, resulting from an action or transaction.