In economics, scarcity refers to the situation of:
A) optimizing with the use of limited information.
B) having more wants than the amount of available resources.
C) rationing of available goods and services by the government.
D) sellers setting the prices of their products too high for people to be able to afford them.
B
You might also like to view...
What is the distinction between capital and the services of capital?
What will be an ideal response?
Advocates of discretionary policy make which of the following criticisms of the economy’s “self-correcting” mechanism?
A. It is slow. B. It is not very reliable. C. It works only when supplemented by automatic stabilizers. D. All of these responses are correct. E. Options a and b only are correct.
If hiring the 7th worker increases total product by 5 units and the price of each unit is $2,
a. the firm should not hire the 7th worker as MB
The idea that the interaction of the multiplier and accelerator alone generates business cycles is ascribed to
a. external cycle theorists b. housing cycle theorists c. innovation theorists d. real business cycle theorists e. internal cycle theorists