True or False:
1. When our limited wants exceed our unlimited resources, we face scarcity.
2. Choices are costly because we must give up other opportunities that we value.
3. Living in a world of scarcity involves trade-offs.
4. Self-interest cannot include benevolence.
5. To say that people are rational is to assume that they never make mistakes.
6. Adam Smith described how self-interest can be a force for the common good.
7. According to the National Council of Economic Education, most adults tested in the United States performed well on economic literacy.