The Existence of Scarcity Means That

question 166

Multiple Choice

The existence of scarcity means that

• A) there are not enough resources to satisfy unlimited human wants.
• B) firms will increase their production to eliminate the scarcity.
• C) the government will step in to eliminate the scarcity.
• D) firms working with the government will allocate resources to eliminate the scarcity.

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Definitions:

Inductive Arguments

Reasoning that moves from specific observations to broader generalizations and theories, often involving probability rather than certainty.

Cause of Action

A set of facts sufficient to justify a right to sue to obtain money, property, or the enforcement of a right against another party.

Argument from Design

A philosophical argument for the existence of God, suggesting that the complexity of the universe demonstrates the presence of a designer.

Designed Objects

Items that have been created with a specific purpose, function, or aesthetic in mind, often through a deliberate design process.