ECON 202
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1. What do economists mean when they state that a good is scarce? 
a. There is a shortage or insufficient supply of the good at the existing price. 
b. It is impossible to expand the availability of the good beyond the current amount. 
c. People will want to buy more of the good regardless of the price of the good. 
d. The amount of the good that people would like exceeds the supply freely available from 
nature. 
ANS: D PTS: 1 DIF: Moderate NAT: BUSPROG: Analytic 
STA: DISC: Scarcity, tradeoffs...
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1. What do economists mean when they state that a good is scarce? 
a. There is a shortage or insufficient supply of the good at the existing price. 
b. It is impossible to expand the availability of the good beyond the current amount. 
c. People will want to buy more of the good regardless of the price of the good. 
d. The amount of the good that people would like exceeds the supply freely available from 
nature. 
ANS: D PTS: 1 DIF: Moderate NAT: BUSPROG: Analytic 
STA: DISC: Scarcity, tradeoffs...
Macroeconomics Chapter 1—The Economic Approach 
 
MULTIPLE CHOICE 
 
	1.	What do economists mean when they state that a good is scarce? 
a.	There is a shortage or insufficient supply of the good at the existing price. 
b.	It is impossible to expand the availability of the good beyond the current amount. 
c.	People will want to buy more of the good regardless of the price of the good. 
d.	The amount of the good that people would like exceeds the supply freely available from nature. 
 
 
ANS:	D	...
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ECON 202•ECON 202
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Macroeconomics Chapter 1—The Economic Approach 
 
MULTIPLE CHOICE 
 
	1.	What do economists mean when they state that a good is scarce? 
a.	There is a shortage or insufficient supply of the good at the existing price. 
b.	It is impossible to expand the availability of the good beyond the current amount. 
c.	People will want to buy more of the good regardless of the price of the good. 
d.	The amount of the good that people would like exceeds the supply freely available from nature. 
 
 
ANS:	D	...
ECON 202: QUIZ 11 With Explained Answers 100% Correct Download To Score A
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ECON 202: QUIZ 11 With Explained Answers 100% Correct Download To Score A