Why Would Economics as a Science Cease to Exist Without

question 1

Multiple Choice

Why would economics as a science cease to exist without the concept of scarcity?

• A) Consumers and producers would no longer have to make the trade-offs between alternatives that create the economic problem.
• B) Producers would be unable to maximize their profits because consumers would hold all of the economic power.
• C) Markets would cease to exist because there would no longer be a distinction between consumers and producers.
• D) Non-market institutions would take over the role formerly held by producers and be governed by interests unrelated to profit.

---

Definitions:

Clara Barton

Known as the founder of the American Red Cross, she was a pioneering nurse who provided care in the Civil War and was instrumental in improving the medical care system.

Endorse

To publicly or officially support a candidate, policy, or product.

Confederate Draft

The conscription system used by the Confederate States of America during the American Civil War to enlist soldiers into the army, which was the first instance of compulsory service in the history of the United States.

Yeoman Families

Historically refers to small landowners or farmers who cultivated their own land, especially in England and the early United States.