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17: True or False: A diseconomy is an economic disadvantage, such as lower efficiency or higher costs.
True
False
.
.


18: True or False: Specialization is the result of businesses being limited by the range of functions it can perform efficiently.
True
False
.
.


19: True or False: Cost is the difference between what consumers pay and what the products cost to produce and distribute.
True
False
.
.


20: True or False: The biblical writers sensed that the economic order can easily slip into an unjust distribution of wealth, and they sought means to right the balance and to structure society so that there would be a more equitable sharing of wealth.
True
False
.
.


21: A waitress brings food to your table, not because of your hunger, but because her salary and tips depend on it. This is an example of:
Opportunity cost
Incentive
Conspicuous consumption
Selfishness


22: ______ means that everyone's desires cannot be satisfied completely, regardless of what economic system or economic policy we choose, and regardless of whether an individual or a society is poor or affluent.
Fixed supply
Scarcity
Lack of resources
Economic recession


23: When the price of oranges rises, it is very likely because the number of oranges demanded at the existing price ______ the number of oranges actually available.
is greater than
is less than
is equal to
Not enough information


24: The hope for profits and the threat of losses is what forces a business owner in a capitalist economy to produce at the lowest cost and sell what the customers are most willing to pay for. This is an example of:
Supply and demand
Economic growth
The downfall of capitalism
Profits as incentives

Answer:
17. True, if you are referring to the consumer
18. False
19. False
20. False
21. Incentive
22. Scarcity
23. is greater than
24. Supply and demand

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