Scarcity exists because
A. human wants exceed what can be produced with the limited resources available.
B. not enough new technology is being used to eliminate scarcity.
C. people are too greedy and refuse to share what they have with others.
D. the majority of people in the world are poor.
Answer: A
You might also like to view...
In 2015, the U.S. auto industry experienced rising sales. The automobile industry was experiencing the effects of
A) the underground economy. B) inflation. C) the business cycle. D) depreciation.
Economic rent is defined as
A) the price of a factor of production that is fixed in supply. B) the surplus received by employing a factor of production in its highest-valued use. C) the revenue received by a factor of production with an upward-sloping supply curve. D) what you pay to rent your apartment or house.
The requirement that all drivers must carry auto insurance reduces
A) moral hazard. B) the effectiveness of signaling. C) adverse selection. D) the chance of auto accidents.
Which of the following is an obstacle to economic development?
A) poorly defined property rights B) foreign direct investment C) immigration D) openness to trade