Which of the Following Statements Best Describes the Economic Concept

question 134

Multiple Choice

Which of the following statements best describes the economic concept of scarcity?

• A)Society is not employing all of its available resources in an efficient manner.
• B)People's wants can never be satisfied by the available resources.
• C)Scarcity afflicts only poor countries.
• D)Too many frivolous goods and services are produced at the expense of socially desirable goods and services.
• E)Production is efficient,but distribution is inefficient.

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Definitions:

Confirmation Bias

the tendency for individuals to favor and seek out information that confirms their existing beliefs or hypotheses, while disregarding evidence that contradicts them.

Selection Task

A cognitive task that tests the ability of individuals to apply logical rules to a specific problem.

Syllogism

A kind of logical argument that applies deductive reasoning to arrive at a conclusion based on two or more propositions that are asserted or assumed to be true.

Unflattering View

An opinion or perspective that is not favorable or complimentary.