Scarcity is a problem:
a. because human wants are unlimited while resources are limited.
b. only in industrialized economies.
c. of the poor, but not the rich.
d. measured by the amount of goods available.
a. because human wants are unlimited while resources are limited.
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Which of the following is NOT a component of gross domestic product?
A) purchases by consumers of used goods B) government purchases C) net exports D) purchases by consumers of finished goods
In the above figure, which of the following statements is FALSE?
A) The total fixed cost curve is curve C. B) Total variable cost and total cost both increase as output increases. C) Marginal cost is equal to the slope of curve A. D) The vertical gap between curves A and B is equal to average fixed cost.
Two goods are substitutes if a decrease in the price of one raises the quantity demanded of the other.
Answer the following statement true (T) or false (F)
Public goods face the
A) principle of rival consumption. B) free-rider problem. C) law of overproduction. D) exclusion principle.