When a Society Cannot Produce All the Goods and Services

question 225

Multiple Choice

When a society cannot produce all the goods and services people wish to have, it is said that the economy is experiencing

• A) scarcity.
• B) shortages.
• C) inefficiencies.
• D) inequities.

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Definitions:

Strabismus

A condition that results in a lack of parallel visual axes of the eyes; commonly called crossed eyes.

Presbyopia

A condition associated with aging in which the eye exhibits a progressively diminished ability to focus on near objects.

Myopia

A condition that occurs when light entering the eye is focused in front of the retina; commonly called nearsightedness.

Glaucoma

A condition in which too much pressure is created in the eye by excessive aqueous humor. This excess pressure can lead to permanent damage of the optic nerves, resulting in blindness.