Which statement is true?
A. Scarcity is simply a lack of money.
B. The United States' society has been so affluent in the last 50 years that scarcity is only a minor problem.
C. The economic problem refers to the problem of poverty.
D. If scarcity did not exist there would be no need to economize.
D. If scarcity did not exist there would be no need to economize.
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Explain why price levels are lower in poorer countries
What will be an ideal response?
The above figure shows a graph of the market for pizzas in a large town. If the price falls from $10 to $7 per pizza, the quantity of pizzas demanded will
A) increase by 20. B) decrease by 30. C) increase by 30. D) decrease by 10.
The purchase of fifty new food-processing machines by the Campbell Soup Corporation would be classified as investment spending
a. True b. False Indicate whether the statement is true or false
Christine is an artist who creates custom cookie jars. Her annual revenue from selling the cookie jars is $90,000 . The annual explicit costs of the materials used to make the cookie jars are $54,000 . Christine used $5,000 from her personal savings account to buy pottery tools for her business. The savings account paid 1% annual interest. What is Christine's annual opportunity cost of the
financial capital that she invested in her business? a. $5 b. $50 c. $100 d. $200