If All the World's Resources Were to Magically Increase One

question 73

Multiple Choice

If all the world's resources were to magically increase one hundredfold, then:

• A)people would still have to make trade-offs.
• B)economics would no longer be relevant.
• C)scarcity would disappear.
• D)trade-offs would become unnecessary.

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Definitions:

Binomial Populations

Populations that follow a binomial distribution, characterized by only two possible outcomes for each trial.

Standard Error

The estimated standard deviation of a sampling distribution of a statistic, often the mean, indicating the variability of the estimate.

Sample Sizes

The number of units or observations included in a sample drawn from a population; crucial for estimating population parameters with a certain level of precision.

Binomial Populations

Populations where the outcomes for each member can be classified into one of two categories, often conceptualized as "success" or "failure."