1. Based on the econonic theory learned in class, briefly explain in a few sentences in the text box below whether the following statement is true or false:

The Production Possibilities Frontier Model (PPF) illustrates the concept of scarcity.

2. A consumer's budget constraint describes the amount of each good that the consumer is willing to buy.

True

False

Explain in a few sentences

3. Based on the econonic theory learned in class, briefly explain in a few sentences in the text box below whether the following statement is true or false:

According to economists, "Want" exceeds "Have" because human beings are inherently insecure.

4. Based on the econonic theory learned in class, briefly explain in a few sentences in the text box below whether the following statement is true or false:

The goal of consumers is to minimize utility subject to their budget constraint.