Which of the following statements is TRUE about scarcity?
A) Both rich and poor people face the problem of scarcity.
B) Scarcity exists only when supply is insufficient to meet demand.
C) Scarcity exists only when a shortage exists.
D) Scarcity can be eliminated when a country becomes richer.
A
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A nation has a population of 260 million people. Of these, 60 million are retired, in the military, institutionalized, or under 16 years old. There are 188 million who are employed and 12 million who are unemployed. What is the unemployment rate?
A. 27% B. 6% C. 9% D. 4%
New England possessed a comparative advantage in producing cotton. Producers in this region produced cotton at the lowest possible opportunity cost in colonial America
Indicate whether the statement is true or false
When we examine the U.S. money supply, the smallest component of M1 is
A) currency and coins. B) transaction deposits. C) certificates of deposit. D) traveler's checks.
If the cost efficiency of input A is 45 pounds per $1 of cost, and the cost efficiency of input B is 40 pounds per $1 of cost, then input A is more cost-efficient than input B.
Answer the following statement true (T) or false (F)