A country with a large, relatively unskilled labor force using labor-intensive methods to grow crops is an example of
a. efficient use of scarce resources
b. inefficient use of scarce resources
c. a third-world country
d. marginal costs
Answer: a. efficient use of scarce resources
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Spending on items other than consumption represents about what percent of total output of goods and services?
A. 20 percent B. 30 percent C. 40 percent D. 60 percent
Competition
A) cannot be eliminated unless scarcity is eliminated. B) causes people to hope others will fail. C) compels people to do only what is in the public interest. D) only exists in capitalist societies. E) only exists in societies with fiat currency.
Reduction in quantity demanded of a good when its price increases because of a consumer's decreased purchasing power is termed as: a. income effect
b. substitution effect. c. utility effect. d. marginal effect.
In a market that is characterized by imperfect competition,
a. firms are price takers. b. there are always a large number of firms. c. there are at least a few firms that compete with one another. d. the actions of one firm in the market never have any impact on the other firms' profits.