Scarcity:
A. is a problem only in industrialized economies.
B. is a condition measured by the quantity of goods available.
C. exists everywhere because human wants can never be satisfied.
D. is a problem only in poor economies.
Answer: C
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Consider an economy that has the following monetary data. The monetary base and the money supply are expected to grow at a constant rate of 20% per year. Inflation and expected inflation are 20% per year
Suppose that bank reserves and currency pay no interest, all currency is held by the public, and bank deposits pay no interest. What is the cost to the public of the inflation tax? A) $60 B) $140 C) $190 D) $200
Kodak introduced to the marketplace a digital camera that uses no film but that takes photos that can be shown on personal computers. This is an example of:
A. economies of scale. B. product innovation. C. process innovation. D. venture capital.
Fixed costs are those costs that are
A. unchanging through time. B. independent of the amount of output a firm produces in the short run. C. zero if the firm produces no output in the short run. D. dependent of the amount of output a firm produces in the short run.
If a country has an absolute advantage in producing a product, it may not have a comparative advantage in producing that product
Indicate whether the statement is true or false