Does economic growth eliminate scarcity?
Growth does not eliminate scarcity. When output grows more rapidly than population, people are better off. But they still face trade-offs. At any point along the production possibilities curve, to get more of one thing, one must give up something else.
You might also like to view...
In the figure below, the economy is initially in long-run equilibrium at point A. If there is an adverse supply shock that reduces potential output and shifts the long-run aggregate supply curve from LRAS to LRAS', then the new long-run equilibrium is reached at point: 
A. C. B. D. C. E. D. B
When a price fails to reflect all the benefits of a product, too much of it is produced and/or consumed
a. True b. False Indicate whether the statement is true or false
Which of the following is not a characteristic of most less-developed countries?
a. Inadequate human capital b. High population growth rate c. Inadequate capital goods d. High productivity e. Inadequate water supplies
Some corporate governance experts believe that serving on a company's board of directors for an extended length of time ________that member's independence from the company's CEO. If this is true, it would tend to ________ the principal-agent problem
A) enhances; increase B) diminishes; increase C) has no impact on; increase D) diminishes; decrease