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.
b
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Refer to the Article Summary. If, after the outflow of educated workers in Mexico, it now takes more capital per hour worked to get the same amount of GDP per hour worked, this indicates ________ the per-worker production function in Mexico
A) a movement up B) a movement down C) a downward shift of D) an upward shift of
What is productivity?
What will be an ideal response?
Suppose in some country that the first $5,000 of interest income is exempt from income tax. If the government then removed this exemption
a. the interest rate and investment would rise. b. the interest rate would rise and investment would fall. c. the interest rate would fall and investment would rise. d. the interest rate and investment would fall.
Which of the following would be expected to increase the demand for money in the U.S.?
A. Political instability decreases dramatically in developing nations. B. The economy enters a recession. C. Financial investors become concerned about increasing riskiness of stocks. D. On-line banking allows customers to transfer funds between checking and stock mutual funds 24 hours a day.