Which of the Following Is a Result of Scarcity

question 63

Multiple Choice

Which of the following is a result of scarcity?

• A)Costs are incurred in making choices.
• B)We attempt to utilize our resources as efficiently as possible.
• C)We must make choices between production possibilities.
• D)We are unable to produce all we would like to produce.
• E)All of these.

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Definitions:

Inverse Relationship

A correlation between two variables in which one variable increases as the other decreases, and vice versa.

Correlation Coefficient

A statistical measure that indicates the extent to which two variables fluctuate together.

Statistical Measure

A quantifiable value representing a summary or characteristic of a set of data, used in analyzing or interpreting data.

Normal Curve

A symmetrical, bell-shaped curve that represents the distribution of many types of data where most scores fall near the mean, with fewer and fewer near the extremes.