(B) Incentives matter--if the personal cost of a choice increases, individuals will be less likely to choose it. Underground water sources such as springs, geysers, and underground streams are known as: a. This fact enables us to say that the least scarcity among these belongs to the salt water. About 4 billion people, representing nearly two-thirds of the world population, experience severe water scarcity during at least one month of the year (Mekonnen and Hoekstra, 2016) With the existing climate change scenario, by 2030, water scarcity in some arid and semi-arid places will displace between 24 million and 700 million people. b. The value of a good can be objectively measured. c. used to understand the real world. The next Chairman of the Federal Reserve should be an economist. :) Clean air is becoming scarce, and I suppose seawater is scarce if you live in an area where the water level might be lower on average than it has been in the past. Question 1 Correct Question text Which of the following resources is scarce in a developed economy? b. The conditions include the following: Ambiguous goals. First come first served. c. Doctrine of prior appropriation. 97% of the world water is salty water. Ownership of the land adjacent to the water source. As a result, members may pursue personal gain under the guise of pursuing organizational goals. artificially scarce good. Which of the following is a guidepost to economic thinking? a. Economics is the study of how people allocate scarce resources for production, distribution, and consumption, both individually and collectively. Seawater is also considered to be not scarce, and at times other items are not scarce, for instance zucchini in the midwest in the summer. Land c. Raw materials d. Tools e. All of these answers Feedback The correct answer is: All of these answers Question Question text The following sentence is a good example of which kind of statement? When the goals of a department or organization are ambiguous, more room is available for politics. a. inverse b. direct c. independent d. There is no relationship between variables X and Y. ANS: A PTS: 1 DIF: Difficulty: Moderate 119. Another word for scarce. That's why we may say that the second scarce resource on our list is drinking water. c. Doctrine of prior appropriation. Time is a measure and not a good. . In states where water is scarce, the ownership and use of water is often determined by: a. Question 10 0 / 1 point In London, any motorist entering a particular area in the city center during certain specified times must pay a congestion fee equal to £5, with fines for non-compliance rising to as high as £120. Which one of the following states a central element of the economic way of thinking? Select one: a. b. a simplified abstract representation of the real world. Individuals should never make a decision without having complete information. (C) The realism of the assumptions is the best test of an economic theory. d. Goods are scarce for the poor but not for the rich. A theory is a. built on the major factors or variables that the theorist believes explain some event. d. A judge. Limited resources. (A) Scarce goods are priceless. Find more ways to say scarce, along with related words, antonyms and example phrases at Thesaurus.com, the world's most trusted free thesaurus. 22. c. Incentives matter. no goods, since all taxes create inefficiency. Labor b. Only the 2-3 % of the world's water resources is drinkable. Drinking water could be found normally but not common like salt water. Nearly 1.8 billion people in seventeen countries, or a quarter of the world’s population, appear to be veering towards a water crisis—with the potential of severe shortages in the next few years.