A consequence of the economic problem of scarcity is that
A. There is never too much of any good or service produced.
B. The production possibilities curve is bowed outward.
C. Choices have to be made about how resources are used.
D. The production of goods and services must be controlled by the government.
Answer: C
You might also like to view...
If a shift in aggregate demand only affects real Gross Domestic Product (GDP), then the short-run aggregate supply (SRAS) curve must be
A) upward sloping. B) downward sloping. C) horizontal. D) vertical.
The average person is more likely to make a mistake choosing ________ than what to have for dinner due to the complex nature of the topic.
A. which college to attend B. how to save for retirement C. which type of health plan to choose D. All of these statements are true.
The concept that market forces in the macroeconomy can remedy a recession is referred to as:
Keynesianism: the use of expansive fiscal and monetary policies to resolve a recession. The self-correcting mechanism The consumption function The paradox of thrift
Describe the concept of flight to quality in terms of the Russian government default of August 1998.
What will be an ideal response?