Scarcity Implies That Choices Must Be Made

question 33

Multiple Choice

Scarcity implies that choices must be made.Making choices implies

• A)the wasteful use of resources.
• B)that scarcity can be eliminated.
• C)the existence of costs of production.
• D)the existence of opportunity costs.
• E)both C and D above.

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Definitions:

Emerging Society

A society that is in the process of significant social, economic, or political change.

Free Colonial British America

The period in the history of the British colonies in North America characterized by a degree of self-governance and economic freedom from Britain.

Public Sphere

A realm of social life where individuals can come together to freely discuss and identify societal problems, and through that discussion influence political action.

Eighteenth Century

The period from 1701 to 1800 in the Gregorian calendar, marking a phase in global history encompassing significant events such as the Enlightenment and the American Revolutionary War.