The Economic Problem of Scarcity

question 114

Multiple Choice

The economic problem of scarcity

• A)is unique to a capitalist economy.
• B)requires that choices be made among alternatives.
• C)disappears as technology advances.
• D)affects only less-developed countries.

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Definitions:

Statistical Discrimination

The practice of judging an individual on the basis of the average characteristics of the group to which he or she belongs rather than on his or her own personal characteristics.

Occupational Discrimination

Unfair treatment of workers based on race, gender, age, religion, or other personal characteristics unrelated to job performance.

Pretax Income

The total income earned by an individual or a business before any taxes are deducted.

Unemployment Compensation

Unemployment compensation refers to the financial assistance provided by the government to unemployed workers who meet certain eligibility criteria, aiming to reduce the economic burden of unemployment.