The fundamental problem of economics is
A. The scarcity of resources relative to human wants.
B. The law of increasing opportunity costs.
C. How to create employment for everyone.
D. How to get government to operate efficiently.
Answer: A
You might also like to view...
Which of the following causes a movement along the aggregate demand curve?
A) an increase in the price level B) an increase in government spending C) an increase in the money supply D) a fall in wages
Refer to Figure 18.1. The opportunity cost of bicycles in Canada is
A) 1/2 of a hang glider. B) 2/3 of a hang glider. C) 2 hang gliders. D) 4 hang gliders.
The production possibilities frontier shows the ________ combinations of two products that can be produced in a particular time period with available resources
A) equitable B) maximum attainable C) only D) minimum attainable
Spending on the structures, equipment, and software that provide the industrial capacity to produce goods and services for all sectors of the economy is called:
A) inventory investment B) business fixed investment C) residential fixed investment D) consumption