d. there is no shortage since buyers can obtain most of the goods that they want. 2. Scarcity forces people to a. be unwilling to help others. b. consume as much as they can as quickly as they can. C. choose among available alternatives. d. live at a low standard of living. e. cheat and steal. 3. An engineer's knowledge and skills is referred to by economists as a. human capital b. labor c. physical capital d. entrepreneurship 4. A report from the Department of Statistics in country X showed: "The consumer price index increased by 4.2% in the first half of the year." What type of statement is this? a. normative b. negative c. positive d. subjective 5. The study of how consumers and producers interact in individual markets is a. macroeconomics b. microeconomics c. development economics d. econometrics 6. If the United States can increase its production of cars without decreasing its production of any other good, the a. United States must have been producing at a point within its PPC. b. United States must have been producing at a point on its PPC. c. the problem of scarcity has been solved in the United States. d. None of the above is correct because increasing the production of one good without decreasing the production of another good is impossible. 1 HI5003 Economics for Business -2021 T1 Interactive Tutorial