Which of the following statements is FALSE?
A) As society increases its wealth, the problem of scarcity disappears.
B) The factors of production are used to produce outputs that help society satisfy its wants.
C) Even though a society faces the problem of scarcity, it does not necessarily suffer from poverty.
D) Land and labor are both factors of production.
A) As society increases its wealth, the problem of scarcity disappears.
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In an attempt to maintain the peso exchange rate in 1994, the Mexican central bank
A) purchased dollars and sold pesos. B) sold both dollars and pesos. C) sold dollars and purchased pesos. D) purchased both dollars and pesos.
The place or point where independent systems or diverse groups interact is called the:
a. Interface b. Seam c. Subsystem d. Boundary
A rightward shift of a supply curve
a. represents a decrease in supply b. might be caused by an increase in demand c. might be caused by a price ceiling d. would cause an excess quantity supplied at the previous equilibrium price e. might be caused by a decrease in demand
The shorter the period of time being considered, the less rapidly will diminishing marginal utility set in
a. True b. False Indicate whether the statement is true or false