Which of the following is true of resources?
a. Their availability is unlimited
b. They are the inputs used to produce goods and services.
c. Increasing the amount of resources available could eliminate scarcity.
d. Both b. and c. are true.
b
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The effect time lag of fiscal policy refers to
A) the time needed for Congress to enact a policy. B) the delay in recognizing an economic problem. C) the time between the onset of a policy and when the policy has impact on the economy. D) the difficulty in getting the President and the Congress to agree on an appropriate policy.
Usury laws are designed to ensure that interest rates in the market do not exceed acceptable norms
a. True b. False Indicate whether the statement is true or false
The principal difference between income and money is that income is a ____ and money is a ____.
A. schedule; curve B. point; line C. stock; flow D. flow; stock
If marginal cost is greater than marginal revenue
A. the firm should expand output. B. the firm should contract output. C. the firm should hold output constant. D. there is no way to determine if the firm should expand output, contract output, or hold output constant.