If all the world's resources were to magically increase one hundredfold, then:
A. economics would no longer be relevant.
B. people would still have to make trade-offs.
C. scarcity would disappear.
D. trade-offs would become unnecessary.
Answer: B
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If the expected future U.S. exchange rate falls, then in the foreign exchange market the current
A) supply of dollars decreases. B) demand for dollars increases. C) quantity supplied of dollars decreases. D) supply of dollars increases. E) quantity supplied of dollars increases.
The production possibilities frontier of an economy is based on the assumption that the: a. amount of consumer goods produced in the economy is constant during a given year. b. quality of labor available in the economy is variable during a given year
c. patent laws applicable in the economy are constant during a given year. d. level of technology available in the economy is variable during a given year. e. economy can either produce capital goods or consumer goods during a given year.
Demand for U.S. dollars by speculators is likely to increase if the dollar is expected to depreciate in the near future
a. True b. False Indicate whether the statement is true or false
Which of the following is characteristic of indifference curves?
a. They are negatively sloped. b. They never intersect. c. They are convex toward the origin. d. All of the above are correct.