The scarcity problem:
A. persists only because countries have failed to achieve continuous full employment.
B. persists because economic wants exceed available productive resources.
C. has been solved in all industrialized nations.
D. has been eliminated in affluent societies such as the United States and Canada.
Answer: B
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Individuals will increase their saving as
A) the interest rate falls. B) the interest rate increases. C) the rate of unemployment increases. D) business investment falls.
Describe the four distinct tools of policy that the Federal Reserve can use to influence the money supply. How would the Fed use each of these tools to either increase or decrease the money supply?
What will be an ideal response?
A tariff is a:
a. tax on an exported product. b. limit on the number of goods that can be exported. c. limit on the number of goods that can be imported. d. tax on an imported product. e. subsidy on an imported product.
Which of the following is most important if the living standards of people residing in a country are going to improve?
a. growth of population b. growth of per capita GDP c. growth of the money supply d. growth of government expenditures as a share of GDP