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Which of the following would be considered a scarce resource? Select all that apply. Multiple answers: Multiple answers are accepted for this question Selected answers will be automatically saved. For keyboard navigation... SHOW MORE a Time. b Clean water. C Paper used to produce textbooks. d Clean air in Northern Canada. INTR. 105 Which of the following is not an argument for government involvement in an economy dominated by markets? Selected answer will be automatically saved. For keyboard navigation, press up/down arrow keys to select an answer. a Sometimes markets fail to fully utilize all of the available labor and capital. b Sometimes markets fail to provide a fair distribution of income or opportunities. C Sometimes markets fail to produce goods or services that everyone likes. d Sometimes markets fail to be sufficiently competitive. n ... . How is the effectiveness of an economic model evaluated? Selected answer will be automatically saved. For keyboard navigation, press up/down arrow keys to select an answer. a by how well it examines opportunity costs b by how many variables it has c by how well it explains or predicts real world phenomena d by how well it incorporates realistic assumptions w Suppose that in a normal competitive market with no externalities, a government pays a subsidy to producers of a service. Once the market has time to adjust to a new equilibrium, what is true about the amount actually produced in the market? Selected answer will be automatically saved. For keyboard navigation, press up/down arrow keys to select an answer. a It will be equal to the allocationy efficient amount. b It will be greater than the allocationy efficient amount. C It will be less than the allocationy efficient amount. P It will be either less than or equal to depending upon the size of the tax