The Great Economic Problem Is To

question 248

Multiple Choice

The great economic problem is to:

• A) increase resources to satisfy as many of our limited wants as possible.
• B) equally allocate resources in order to satisfy as many of our limited wants as possible.
• C) create unlimited resources to satisfy as many of our infinite wants as possible.
• D) arrange our limited resources to satisfy as many of our infinite wants as possible.

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Definitions:

Risky Shift

The tendency for a group decision to be riskier than the average decision made by the individual group members.

Altruistic Behavior

Actions intended to benefit others without expectation of reward.

Personally Responsible

Being accountable for one's actions or duties, recognizing one's role in the outcomes of those actions.

Uncertain

A state of having limited knowledge where it is impossible to exactly describe the existing state, a future outcome, or more than one possible outcome.