If Scarcity Was Eliminated

question 162

Multiple Choice

If scarcity was eliminated

• A) trade would become unnecessary.
• B) opportunity costs would increase.
• C) all nations would have an absolute advantage in producing all products.
• D) the concept of trade-offs would become irrelevant.

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Definitions:

Government Regulation

The implementation of laws, rules, or directives by governing bodies to control or manage activities within society or specific industries.

Fundamental Political Values

Refers to the core beliefs and principles that shape the political culture of a society, such as democracy, freedom, equality, and justice.

Liberty

A condition where individuals in a society experience freedom from oppressive limitations set by authorities on their lifestyle, actions, or political opinions.

Equality of Opportunity

The principle that all individuals should have the same chances to succeed in life, regardless of their backgrounds or starting positions.