If Scarcity Didn't Exist,neither Would

question 157

Multiple Choice

If scarcity didn't exist,neither would

• A) rationing devices.
• B) competition.
• C) labor.
• D) capital.
• E) a and b

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Definitions:

Elaboration Likelihood Model

A model that explains different ways of processing stimuli, why they are used, and their outcomes on attitude change.

Cognitive Dissonance

The psychological discomfort experienced when holding two or more conflicting cognitions (ideas, beliefs, values, or emotional reactions).

Social Facilitation

The tendency for people to perform differently when in the presence of others, typically enhancing performance on well-practiced tasks.

Cognitive Dissonance

The mental discomfort experienced by an individual who holds contradictory beliefs, ideas, or values at the same time.