The problem of economic scarcity applies
A) only in developed countries, because resources are scarce in these nations.
B) only in underdeveloped countries, because there are no productive resources in these nations.
C) only to an economy with an insufficient supply of money.
D) to the economies of all nations, regardless of their level of development.
D
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In the table above, the marginal product of the first unit of labor is ________ units of output
A) 4 B) 5 C) 16 D) 20
The low interest rates that prevailed after 1942 made World War II (1941–45) financing problems fundamentally the same as World War I (1914–18)
Indicate whether the statement is true or false
Monopolistic competition is best described as
a. many firms with some control over price, and some product differentiation b. many firms with no control over price, producing identical products c. a few firms with some control over price, producing highly differentiated products d. a few firms with no control over price, producing similar products e. a single firm producing all of the output for the industry, with strong control over price
Which of the following most closely defines the concept of poverty?
a. Poverty means that a person is morally bankrupt and thus is unworthy of social assistance. b. Poverty is a relative term describing the financial insolvency of a person. c. Poverty is a relative term and is based on the level of unemployment in the economy. d. Poverty is a relative term and is based on income considerably below the average in society.