Homework #1 - Ramezani 1 Faramarz Ramezani Professor Flynn...

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Ramezani 1Faramarz RamezaniProfessor FlynnEcon 129 June 2016 Homework #1Chapter 1:1)The United States is considered a rich country because Americans can choose from an abundance of goods and services. How can there be scarcity in a land of abundance?
2)Explain the link between scarcity and each of the following: (a) choice, (b) opportunity cost, (c) the need for a rationing device, (d) competition.

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