Societies Must Choose How to Use Available Resources Because

question 27

Multiple Choice

Societies must choose how to use available resources because

• A) most resources are not owned by anyone.
• B) the capacity to produce goods and services is unlimited.
• C) in the aggregate human wants are insatiable.
• D) otherwise resource prices would be zero.
• E) technological progress wastes resources.

---

Definitions:

Mean

The arithmetic average of a set of numbers, calculated by adding up all the values and dividing by the count of numbers.

Variance

A statistical measure that determines the spread of numbers in a data set by calculating the mean of the squared differences from the mean.

Standard Normal

A normal distribution with a mean of zero and a standard deviation of one, commonly used in statistical analysis.

P(Z < 2)

The probability that a value Z, on a standard normal distribution, is less than 2.