1.02 Unit 2 Quiz 2

In the United States economy, few resources, goods, and services are allocated through markets.

False

Market competition allows people to have all they want.

False

Shortage and scarcity mean the same thing.

False

The allocation rule of "first-come-first-served" promotes productive cooperation.

False

All goods and services are scarce.

True

An important function of government is to outlaw the use rule of force.

True

Competition through force remains common between governments in the form of wars.

True

Market competition doesn't eliminate scarcity.

True

Scarcity always exists.

True

The rules of government distribution do not eliminate competition.

True