Economics Chapter 1 Test Bank Exam Questions with Correct Answers 100% Verified and Graded A+ 2026

Economics Chapter 1 Test Bank Exam Questions with Correct Answers 100% Verified and Graded A+ 2026 Scarcity exists because A) human wants exceed the resources available to satisfy them. B) some individuals have low income. C) the costs of production are high. D) some people make bad economic decisions. E) people take too much leisure time. - Correct Answer Answer: A Scarcity A) is the inability to satisfy all our wants. B) leads to higher prices. C) applies only to people living in poverty. D) is not something that affects very rich people. E) used to exist everywhere but has been eliminated in advanced economies. - Correct Answer Answer: A Scarcity requires that we A) produce efficiently. B) learn to limit our wants. C) have the most rapid economic growth possible. D) have unlimited resources. E) make choices about what goods and services to produce. - Correct Answer Answer: E Scarcity means that A) what we can produce with our resources is greater than our material wants.