Scarcity Is

question 229

Multiple Choice

Scarcity is:

• A)only a problem in modern industrialized economies.
• B)only a problem in impoverished economies.
• C)only a problem in centrally planned economies.
• D)a word meaning that there is a shortage of goods at the current market price.
• E)a problem that necessitates making choices and tradeoffs.

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Definitions:

Halo Effect

A cognitive bias in which an observer's overall impression of a person, company, brand, or product influences the observer's feelings and thoughts about that entity's character or properties.

Myers-Briggs Type Indicator

A personality assessment tool that categorizes individuals into 16 distinct personality types based on preferences in how they perceive the world and make decisions.

Sensing Vs. Intuitive

A dichotomy in personality typologies that contrasts the preference for dealing with concrete, observable facts (Sensing) versus abstract, conceptual information (Intuitive).

Self-Monitoring

The degree to which someone is able to adjust behaviour in response to external factors.