The existence of alternative uses of a resource implies that it is:
A) free.
B) scarce.
C) expensive.
D) plentiful.
Ans: B) scarce.
You might also like to view...
If a positive permanent supply shock were to occur, the resulting equilibrium would be a:
A. higher level of output at lower prices. B. lower level of output and prices. C. higher level of output and prices. D. lower level of output at higher prices.
Experience rating systems for pricing insurance are based on past medical bills of a firm's employees.
Answer the following statement true (T) or false (F)
A firm can be the only firm in an industry and still not be a monopoly if
A. the firm is not making economic profits. B. the firm is not large. C. the firm produces a good that is not considered a necessity. D. the firm produces a good similar to a good in another industry.
Even though it is generally true that the more goods and services people have, the better off they are, GDP provides only a rough measure of well-being. Assuming language is not an issue, what other factors besides GDP might you consider when deciding
where to live and work? What will be an ideal response?