Scarcity is a concept that does not apply to

A. human wants.
B. natural resources.
C. land.
D. machinery.


Answer: A

Economics

You might also like to view...

The level of real GDP identified by the long-run aggregate supply curve is

A) the level of GDP at which each industry is experiencing growth in sales. B) the level of GDP at which each business firm is experiencing growth in sales. C) the level of GDP at which no one is below the poverty line. D) the full-employment level of real GDP.

Economics

In this year, Country A has a real GDP per person that is 4 times greater than that of Country B. Country B's growth rate of real GDP per person is 3.5 percent per year

How many years will it take for Country B's real GDP per person to reach the same level that Country A had in this year? A) 10 years B) 20 years C) 40 years D) 60 years E) 56 years

Economics

A group of producers that agree to coordinate their production is called a

A) cartel. B) monopoly. C) free market competition. D) vertical merger.

Economics

Which statement is true?

A. American industry is very competitive. B. There is no competition in American industry. C. In order to have competition you need to have many firms in an industry. D. The electrical and natural gas industries are good examples of competition at work.

Economics