Scarcity Results from the Fact That

question 56

Multiple Choice

Scarcity results from the fact that

• A) people's wants exceed the resources available to satisfy them.
• B) not all goals are desirable.
• C) we cannot answer the major economic questions.
• D) choices made in self-interest rare not always in the social interest.
• E) the population keeps growing.

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Definitions:

Miles Per Gallon

A measure of fuel efficiency in vehicles, indicating the distance in miles a vehicle can travel per gallon of fuel consumed.

Simple Random Sample

A segment of a statistical group where every member possesses an identical probability of selection.

Sampling Plan

A strategy that outlines how samples will be collected from a population for the purpose of research or quality control.

Sampling Distribution

The probability distribution of a given statistic based on a random sample, often used to infer about the population.