1. The most basic concept upon which the science of economics rests is
a. money.
b. scarcity.
c. markets.
d. prices.
e. free (unregulated) markets.
2. If the supplies of land, labor, and capital were unlimited,
a. scarcity would still be present.
b. the production-possibilities frontier would not change.
c. scarcity would no longer be present.
d. consumer goods would still be rationed.
e. capital goods, but not consumer goods, would still be rationed.
3. People must make choices...