The perpetual state of insufficiency of resources to satisfy people's unlimited wants is
a. apparent only in poor countries
b. a contradiction that cannot be resolved
c. completely unrealistic
d. present in modern economies, but not in the past
e. the definition of scarcity
E
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In the game in Scenario 13.7, the strategy pair that pays
A) $69,000 to each player is the only equilibrium. B) ($0, -$1000 ) is the only equilibrium. C) (-$1000, $0 ) is the only equilibrium. D) $0 to each player is the only equilibrium. E) $69,000 to each player and the strategy pair that pays $0 to each player are equilibria.
If an employer pays employees according to the volume of business revenue they individually generate, then the employer is applying the
A) productivity standard. B) merit standard. C) contributive standard. D) all of the above.
Those who oppose minimum wage legislation argue that:
A. workers deserve a basic standard of living. B. setting a wage above the market-clearing equilibrium creates unemployment. C. the way to get an efficient labor market is for government intervention. D. it should be set below the market-clearing equilibrium.
Ways to ration goods include
A. first-come, first-served. B. prices. C. political power. D. All of these.