Scarcity Arises from Limited Resources

question 66

Multiple Choice

Scarcity arises from limited resources.For this reason,all economic choices involve

• A)a value judgement.
• B)an educated decision.
• C)an opportunity cost.
• D)complementary ends.
• E)greed.

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Definitions:

Lumber

Refers to processed wood used for construction or other purposes.

Steel

A hard, strong alloy mainly consisting of iron and carbon, widely used in construction and manufacturing.

Period Cost

Accounting costs directly expensed in the period incurred, distinct from costs associated with production which are capitalized.

Advertising Expense

Costs incurred to promote products, services, or the company brand through various advertising mediums.