Which of the following best describes scarcity?
a. wants cannot be fulfilled and thus all goods must be rationed.
b. prices of goods are very high.
c. markets cannot properly allocate resources.
d. unlimited wants exceed the limited resources available.
scarcity is central to the study of economics because it implies that
a. every choice involves an opportunity cost.
b. wants are unlimited.
c. economic agents are rational.
d. society must make decisions at the margin.

Upper a report about the decline of western investment in third world countries included this: "after years of daily flights comma several european airlines halted passenger service. foreign investment fell 400 percent during the 1990 s." what is wrong with this statement? choose the correct answer below. a. if foreign investment fell by 100 % comma it would be totally eliminated comma so it is not possible for it to fall by more than 100 %. b. the actual amount of the decrease in foreign investment is less than 100%. c. if foreign investment fell by 100%, it would be cut in half. thus, a decrease of 200% means that it would be totally eliminated, and a decrease of more than 200% is impossible. d. the statement does not mention the initial amount of foreign investment.