Scarcity Results from the Fact That

question 2

Multiple Choice

Scarcity results from the fact that

• A) people's wants exceed the resources available to satisfy them.
• B) not all goals are desirable.
• C) we cannot answer the major economic questions.
• D) choices made in self-interest are not always in the social interest.
• E) the population keeps growing.

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Definitions:

Life Insurance

A contract between an insurer and a policyholder where the insurer pledges payment of a death benefit to named beneficiaries upon the death of the insured.

Health Insurance

A type of insurance coverage that typically pays for medical, surgical, prescription drug, and sometimes dental expenses incurred by the insured.

Education Loans

Financial loans provided to students to help cover the costs of post-secondary education, which typically have to be repaid with interest after graduation.

Parents Liable

Refers to the legal responsibility of parents for the actions and behaviors of their underage children.