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9) The problem of scarcity exists: A) only in poor countries B) only because of greed...

9) The problem of scarcity exists:
A) only in poor countries
B) only because of greed
C) even in a wealthy nation like Canada
D) only in highly populated countries like India and China
10) If all resources were unlimited and wants were limited:
A) the economy would experience inflation
B) the economy would experience severe unemployment
C) the problem of choice would not exist
D) everyone would have to work much harder

11) Opportunity cost refers to:
A) the cost of equal opportunity programs
B) the monetary cost of seizing good opportunities
C) something that is forfeited
D) the direct costs involved in achieving some objective
12) Opportunity cost is:
A) the highest price that firms are allowed to charge for their products
B) always lower than the price of the item so that the seller can make a profit
C) equal to the profits that firms make
D) the next best alternative that is sacrificed when a choice is made

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Answer #1

Answer option)even in a wealthy nation like Canada

The problem of scarcity exists:even in wealthy nation

Scarcity means natural resources are less in number.scarcity can be in developed as well as underdeveloped and developing nation

Answer option) the economy would experience severe unemployment

If all resources were unlimited and wants were limited the economy would experience severe unemployment

Answer option) the next best alternative that is sacrificed when a choice is made

Opportunity cost isthe next best alternative that is sacrificed when a choice is made

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