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Eco 501 Study guides, Class notes & Summaries

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ECONOMICS 501 Final Questions Study Guide.

  • ECONOMICS 501 Final Questions Study Guide.

  • Other • 108 pages • 2021
  • Chapter 2 Question 1: What do economists mean by scarcity? a. Economists mean that unlimited wants exceed limited resources. b. Economists mean that trade is not possible. c. Economists mean that people are not employed. d. Economists mean that production is inefficient. e. Economists mean that economy is unable to produce increasing quantities of goods and services What of the following is not scarce according to the economic definition? a. Coal b. Time c. Food d. Capital e. None of...
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