Find more ways to say scarce, along with related words, antonyms and example phrases at Thesaurus.com, the world's most trusted free thesaurus. Economics is the study of how people allocate scarce resources for production, distribution, and consumption, both individually and collectively. 97% of the world water is salty water. d. Goods are scarce for the poor but not for the rich. 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. Drinking water could be found normally but not common like salt water. Only the 2-3 % of the world's water resources is drinkable. Another word for scarce. c. Doctrine of prior appropriation. 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. Question 1 Correct Question text Which of the following resources is scarce in a developed economy? The next Chairman of the Federal Reserve should be an economist. Labor b. Limited resources. a. b. b. c. Doctrine of prior appropriation. 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. In states where water is scarce, the ownership and use of water is often determined by: a. As a result, members may pursue personal gain under the guise of pursuing organizational goals. . 22. A theory is a. built on the major factors or variables that the theorist believes explain some event. (C) The realism of the assumptions is the best test of an economic theory. 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. artificially scarce good. This fact enables us to say that the least scarcity among these belongs to the salt water. First come first served. c. used to understand the real world. no goods, since all taxes create inefficiency. (B) Incentives matter--if the personal cost of a choice increases, individuals will be less likely to choose it. :) 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. The conditions include the following: Ambiguous goals. That's why we may say that the second scarce resource on our list is drinking water. Select one: a. c. Incentives matter. The value of a good can be objectively measured. Individuals should never make a decision without having complete information. (A) Scarce goods are priceless. a. inverse b. direct c. independent d. There is no relationship between variables X and Y. ANS: A PTS: 1 DIF: Difficulty: Moderate 119. When the goals of a department or organization are ambiguous, more room is available for politics. Which one of the following states a central element of the economic way of thinking? Ownership of the land adjacent to the water source. Time is a measure and not a good. d. A judge. Which of the following is a guidepost to economic thinking? b. a simplified abstract representation of the real world. Underground water sources such as springs, geysers, and underground streams are known as: a. Land c. Raw materials d. Tools e. 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