savedMarked out of 1.00Not flaggedFlag question Question text What is an economic model? Select one: a. a fully detailed, realistic description of the economy b. a mechanical machine that replicates the functioning of the economy c. a simplified representation of some aspects of the economy d. a computer program that predicts the future of the economy e. all of the above Question 2 Answer savedMarked out of 1.00Not flaggedFlag question Question text All of the following statements, except one, are valid examples of the way economists use the term scarcity. Which one is the exception? Select one: a. Households face a scarcity of income. b. Individuals face a scarcity of time. c. Economies face a scarcity of resources. d. The world faces a scarcity of ideas. e. Firms face a scarcity of qualified workers. Question 3 Answer savedMarked out of 1.00Not flaggedFlag question Question text The fact that human wants cannot be fully satisfied with available resources is called the problem of Select one: a. normative economics. b. marginal cost. c. the big tradeoff. d. scarcity. e. opportunity cost