In the economic sense, almost everything is scarce. ________ of a good or service occurs when the quantity demanded is greater than the quantity supplied at the current market price
A) Scarcity
B) A shortage
C) A surplus
D) An overstock
Answer: B
You might also like to view...
A policy of maintaining stable interest rates during economic fluctuations will tend to reinforce these fluctuations. A policy of maintaining a constant growth rate in the money supply will tend to cause interest rates to fluctuate, which can cause undesirable fluctuations in investment
Indicate whether the statement is true or false
Which of the following explains what would likely happen if public goods were marketed like private goods?
A. Many consumers would want to buy the goods. B. Government failure would result. C. Public goods would be overproduced. D. Public goods would be underproduced.
Which of the following is TRUE about comparative advantage?
A) Comparative advantage explains trade among nations, but not within nations. B) Comparative advantage explains trade within nations, but not among nations. C) Comparative advantage explains trade within nations and among nations. D) Comparative advantage has nothing to do with trade among nations; it only is concerned with specialization within a firm.
The price of an exhaustible resource sold in a perfectly competitive market in which technology and consumer preferences do not change over time will tend to
a. stay constant over time. b. always equal the price of the closest substitute for that resource. c. fall over time. d. rise over time.