There Would Be No Economic Problems in a World Where

question 293

Multiple Choice

There would be no economic problems in a world where all resources are

• A) unlimited.
• B) privately owned.
• C) owned by the government.
• D) scarce.

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Definitions:

Income

Earnings accrued from work or investment sources on a consistent basis.

Goods

Physical items that satisfy human wants or needs, which can be bought, sold, or traded.

Maximizing Utility

The process or goal of obtaining the highest level of satisfaction or benefit from the consumption of goods and services, given constraints like income.

Utility

A measure of satisfaction, usefulness, or value that an individual or society derives from a good or service.