When economists say scarcity, they mean:
A. there are only a limited number of consumers who would be interested in purchasing goods.
B. the human desire for goods exceeds the available supply of time, goods and resources.
C. most people in poorer countries do not have enough goods.
D. goods are so expensive that only the rich can afford it.
Answer: B
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The marginal physical product of labor for the most recent worker hired by Ajax is 286. If Ajax were to hire an additional worker we would expect the marginal physical product of labor to
A) remain at 286. B) be below 286. C) be above 286 by a small amount. D) be above 286 by a large amount.
Coal is required to make steel. Hence, the price elasticity of demand for coal by steel manufacturers will be
A) unit elastic. B) inelastic. C) elastic. D) perfectly elastic.
Suppose you hold $5,000 in cash when the interest rate on bonds is 4 percent. Other things equal, as the bond interest rate declines to 3 percent, you will want to hold more money because the opportunity cost of holding money has decreased
a. True b. False Indicate whether the statement is true or false
Vertical equity in income taxation refers to the notion that persons with different levels of income should be taxed differently
a. True b. False Indicate whether the statement is true or false