Scarcity can be eliminated through
A) the use of market mechanisms.
B) exploration that helps us find new resources.
C) wise use of our resources.
D) None of the above because scarcity cannot be eliminated.
D
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A consumer's budget constraint is
A) the limited income that a consumer has to spend on goods and services. B) the extent to which one's preferences are limited by one's income. C) the price ratio a consumer faces in the marketplace. D) the rate at which the consumer must give up one good to purchase an additional unit of the other goods in the market.
The recognition lag refers to the: a. time taken for changes in the money supply to be translated into changes in realGDP
b. time taken by policymakers to formulate an appropriate policy to solve aneconomic problem. c. time taken by policies to have an impact on the different macroeconomic variables. d. time taken by policymakers to recognize that an economic problem exists. e. natural difference between monetary policy timing and fiscal policy timing.
Assume that Ava is a single parent who is in poverty. She receives food stamps and Medicaid. For every $100 that she earns, Ava loses $20 of her food stamp benefits and $15 in her Medicaid benefits. Ava's implicit marginal tax rate from these two programs is
a. 20 percent. b. 30 percent. c. 35 percent. d. 45 percent.
Refer to the accompanying figure. In this market, equilibrium price is ________ and equilibrium quantity is ________.
A. $50; 20 B. $25; 10 C. $20; 50 D. $10; 25