Scarcity Means That

question 87

Multiple Choice

Scarcity means that

• A) what we can produce with our resources is greater than our material wants.
• B) resources are unlimited.
• C) wants are greater than what we can produce with our resources.
• D) governments must make up for shortages in resources.
• E) choices made in self-interest cannot be the same as those made in the social interest.

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Definitions:

Unbiased Estimator

A statistic used to estimate a parameter that is expected to equal the true parameter of the population.

Confidence Interval

A range of values, derived from sample statistics, that is likely to contain the value of an unknown population parameter with a certain level of confidence.

Population Parameter

A numerical characteristic or measure that describes an aspect of a population.

Sampling Error

The discrepancy between the statistical characteristics of a sample and those of the population from which the sample was drawn.