Scarcity requires that we:
A. change our fiscal policy until the situation of scarcity is eliminated.
B. make sure we only want things that we are capable of consuming and producing.
C. adopt economic policies that will lead to unlimited resources.
D. make decisions in order to arrange our resources rationally.
Answer: D
You might also like to view...
A commodity that buyers and sellers both have will increase the efficiency of the market
Indicate whether the statement is true or false.
Use the following graphs for a perfectly competitive market in the short run to answer the next question.
The graphs suggest that in the long run, assuming no changes in the given information, the market
A. supply curve will shift to the right. B. demand curve will shift to the right. C. supply curve will shift to the left. D. demand curve will shift to the left.
Define the following terms and explain their importance to the study of macroeconomics:
a. open economy b. closed economy c. budget deficits and trade deficits d. international capital flows
Which of the following is not a consequence of hyperinflation?
A) Money's function as a medium of exchange is enhanced. B) Money loses value so rapidly that firms and individuals stop holding it. C) It causes an economy to suffer slow growth. D) The price level grows in excess of hundreds of percentage points per year.