In a World of Scarcity

question 133

Multiple Choice

In a world of scarcity,

• A) all products are free.
• B) opportunity cost is zero.
• C) you are not limited by time.
• D) you do not need to work.
• E) you must make choices among alternatives.

---

Definitions:

z

A statistical measure representing the number of standard deviations a data point is from the mean of a distribution.

Exponential Probability Distribution

A statistical distribution used to model the time between events in a Poisson process, characterized by a constant rate of occurrence.

Continuous Distribution

A probability distribution in which the variable can assume an infinite number of values within a given range.

Normally Distributed Random Variable

A random variable that has its values following a normal distribution, characterized by its mean and standard deviation.