When economists say goods are scarce, they mean
a. consumers are too poor to afford the goods and services available.
b. consumers are unwilling to buy goods unless they have very low prices.
c. goods are generally freely available from nature in most countries.
d. the desire for goods and services exceeds our ability to produce them with the limited resources available.
D
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The English economist, Thomas Malthus, believed that sustained growth of income per person would be impossible because of
a. rapid growth of capital formation if population increased above the subsistence level. b. rapid growth of population if income increased above the subsistence level. c. rapid growth of government if income increased above the subsistence level. d. political democracy if income increased above the subsistence level.
The Customer List contains information about:
a. The quantity of non-inventory parts on hand b. The credit rating of the vendors c. Vendors from whom the company buys products and services d. Customer addresses, contacts and phone numbers
Which of the following activities is NOT included in the production process?
A) determining the value of the goods B) making the goods C) packaging the goods D) transporting the goods
Refer to the information provided in Scenario 25.2 below to answer the question(s) that follow.SCENARIO 25.2: The following table shows the changes in deposits, reserves, and loans of 4 banks as a result of a $100,000 initial deposit in Bank No. 1. Assume all banks are loaned up.
Refer to Scenario 25.2. How much money will be created based on the initial $100,000 deposit?
A. $1 million B. $2 million C. $16.67 million D. $50 million