Which of the following statements about economic scarcity is FALSE?
A) Scarcity occurs among the poor and the rich.
B) Scarcity only occurs if there are shortages and people wait in line to buy things.
C) Scarcity results from not having enough resources to produce all the things we want.
D) Scarcity results in the necessity to make choices.
B
You might also like to view...
Who was the economist who first proposed that governments use taxes and subsidies to correct for externalities?
A) Ronald Coase B) Adam Smith C) A. C. Pigou D) David Hume
If a market is contestable, how does the equilibrium differ from that of a monopoly?
What will be an ideal response?
Opportunity cost is the value of the next best alternative to a given choice
a. True b. False Indicate whether the statement is true or false
For which of the following goods is the price elasticity of demand most inelastic?
a. pizza b. large pizza c. large pepperoni pizza d. Domino's large pepperoni pizza