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Unformatted text preview: ♣ Money wages . d. A coal mine. e. An oﬀshore oil well. 4. Which of the following statements regarding the basic economic problem of scarcity is correct? a. The problem only exists in countries that are not highly industrialized. b. The problem will quite likely disappear as production increases. c. The problem will be sure to disappear with the growth of technology. ♠ The problem will exist as long as resources are available in limited amounts . e. The problem will disappear as a person’s income increases. 5. Rational self-interest implies that a. individuals are selﬁsh. b. individuals have studied economics. c. all other variables under investigation are held constant. d. individuals consider themselves better oﬀ when they take actions that make others worse oﬀ. ♣ individuals make choices that provide them with the greatest satis-faction . 1...
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This note was uploaded on 01/18/2011 for the course ECON 11853 taught by Professor Brianallenhunt during the Fall '10 term at Georgia State University, Atlanta.
- Fall '10