Scarcity limits the volume of goods that an economic system can produce but does not limit the production of services.
Answer the following statement true (T) or false (F)
False
You might also like to view...
Which of the following is true of economic expansions?
A) Economic expansions are defined as the period between recessions. B) Consumption increases but investment falls during periods of economic expansion. C) Output grows during periods of economic expansion, but the unemployment rate is also high. D) Governments can correctly predict the length of periods of economic expansion.
The equilibrium level of employment, achieved after the complete adjustment of wages and prices, is known as the
A) zero-unemployment level of employment. B) natural state. C) invisible handshake. D) full-employment level of employment.
Economists use the term capital to describe that factor of production that includes human-made resources such as factories, buildings, machinery and tools
a. True b. False Indicate whether the statement is true or false
Which of the following statements is true?
A) Indirect business taxes are a component of national income because when added to the other components of national income, the sum must equal GDP. B) Indirect business taxes must be subtracted from national income to yield a figure equal to GDP. C) Indirect business taxes are a part of national income because they are considered a payment to a factor of production. D) Indirect business taxes are not part of national income because they are not considered a payment to a factor of production.