Output choices are made necessary within a market because of:
A. Inefficient use of resources.
B. High prices for goods.
C. Scarcity of resources.
D. Advancing technology.
Answer: C. Scarcity of resources.
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Using the figure above, show the effect on the real interest rate and the quantity of loanable funds of an increase in expected profit
What will be an ideal response?
Banks help savers find productive uses for their funds because banks are specialized in:
A. gathering information about and evaluating potential borrowers. B. securing government guarantees for loans. C. evaluating the riskiness of stocks. D. obtaining preferential tax treatment for savers.
Ceteris paribus, economic growth involves an:
a) Increase in imports. b) Expansion of production possibilities. c) Increase in GDP due to inflation. d) Increase in GDP due to inflation.
If Jack refinished his basement himself, the value of his work
A. is included in the next year's Gross Domestic Product (GDP). B. is only included in Gross Domestic Product (GDP) if he uses U.S. made components. C. is included in Gross Domestic Product (GDP). D. is not included in Gross Domestic Product (GDP).