A Consequence of the Economic Problem of Scarcity Is That

question 113

Multiple Choice

A consequence of the economic problem of scarcity is that

• A)Choices have to be made about how resources are used.
• B)There is never too much of any good or service produced.
• C)The production of goods and services must be controlled by the government.
• D)The production possibilities curve is bowed outward.

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Definitions:

Informal Power Base

Influence or authority derived from personal networks, charisma, or knowledge, rather than official position or rank.

Coercive

A form of power or influence that involves forcing someone to do something through threats or pressure.

Reward

Something given in recognition of service, effort, or achievement.

Expert

An individual with extensive knowledge or skill in a particular area or field.