Because people's wants are unlimited but resources are scarce,
a. only the rich get everything they want
b. choices must be made
c. there will be more services produced than goods
d. people search for spiritual fulfillment rather than material fulfillment
e. poor people never get anything they want
B
You might also like to view...
Moving along a country's PPF, a reason opportunity costs increase is that
A) unemployment decreases as a country produces more and more of one good. B) unemployment increases as a country produces more and more of one good. C) technology declines as a country produces more and more of one good. D) some resources are better suited for producing one good rather than the other. E) technology must advance in order to produce more and more of one good.
Total reserves minus bank deposits with the Fed equals
A) vault cash. B) excess reserves. C) required reserves. D) currency in circulation.
Marginal revenue is the:
A. change in product price associated with the sale of one more unit of output. B. change in average revenue associated with the sale of one more unit of output. C. difference between product price and average total cost. D. change in total revenue associated with the sale of one more unit of output.
If the cost of the Department of Agriculture's minimum food budget for two people is $2,000 per year, the official poverty line for a family of two would be
A. $667. B. $2,000. C. $6,000. D. $12,000.