Resources are
A) unlimited.
B) able to be replicated in large quantities.
C) what people would buy if their income was unlimited.
D) used to produce goods and services to satisfy people's wants.
Answer: D
You might also like to view...
The imposition of tariffs on Korean steel has led to ________ in imports of Korean steel to the United States and ________ the price of steel in the United States
A) an increase; raised B) no change; raised C) a decrease; raised D) an increase; lowered E) a decrease; no change in
Refer to Table 7-6. Prior to trade, what was the opportunity cost to produce 1 sword in Morocco?
A) 1/2 of a belt B) 1 belt C) 1.5 belts D) 2 belts
A statement of fact that can be verified by observation is
a. an abstraction b. a positive statement c. a normative statement d. a philosophical conundrum e. the basis of an assumption
In cases of natural monopoly, it is best to have only one firm producing all of the output in a market
a. True b. False Indicate whether the statement is true or false