The basic economic problem is essentially one of deciding how to make the best use of:
A. unlimited resources to satisfy limited economic wants.
B. limited resources to satisfy limited economic wants.
C. unlimited resources to satisfy unlimited economic wants.
D. limited resources to satisfy unlimited economic wants.
Answer: D
You might also like to view...
If the geography hypothesis holds, then:
A) poorer countries are permanently disadvantaged. B) living standards in poorer countries can be substantially improved. C) poorer countries are likely to catch up with richer countries very fast. D) cultural beliefs can be considered to be an important source of economic prosperity.
The two basic ways for workers to acquire human capital are
A) formal education and "learning by doing." B) purchases in the capital market and trade. C) increases in the capital stock and increases in total factor productivity. D) training and intuition.
Explain why a monopoly that knows the demand curve of identical consumers can set a two-part price with the lump sum tariff equal to the total amount of potential consumer surplus
What will be an ideal response?
Refer to the above figure. The rightward shift of the curve indicates
A. an increase in supply. B. an increase in demand. C. a change in quantity supplied. D. a change in quantity demanded.