To Economists,scarcity Means That

question 170

Multiple Choice

To economists,scarcity means that

• A) limited wants cannot be satisfied by the unlimited resources.
• B) a person looking for work is not able to find work.
• C) the number of people without jobs rises when economic times are bad.
• D) there can never be answers to the what, how or for whom questions.
• E) unlimited wants cannot be satisfied by the limited resources.

---

Definitions:

Type II Error

Occurs when a statistical test fails to reject a false null hypothesis; also known as a false negative.

Level Of Significance

A threshold in hypothesis testing that determines whether or not the null hypothesis can be rejected.

Null Hypothesis

A default premise stating no statistical significance or effect, used as a starting point for hypothesis testing to be either rejected or not rejected.

Z Statistic

A statistical measure that quantifies the distance (in standard deviation units) a data point is from the mean of a data set.