Scarcity

question 5

Multiple Choice

Scarcity

• A)exists because people have wants that are unlimited relative to the availability of resources to satisfy those
• Wants
• B)applies when a resource is not freely available
• C)means that each society and each individual must make choices
• D)exists in all societies
• E)all of the above are true

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Definitions:

Socially Optimum

The most desirable level of output or activity from a societal perspective, balancing costs and benefits to achieve maximum social welfare.

Coal Mine Pollution

The release of harmful substances into the environment as a result of coal mining activities, affecting air, water, and soil quality.

Automobile Emissions

The pollutants released into the atmosphere by motor vehicles, including carbon monoxide, nitrogen oxides, and hydrocarbons.

Specific Tax

A fixed amount imposed by the government on a product, per unit of quantity.