The problem of scarcity
A. has been “cooked up” by disenchanted anticapitalists.
B. exists because resources are limited relative to wants.
C. is solved by promoting economic growth.
D. is caused by artificially high prices.
Answer: B
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Which of the following is NOT a description of indirect finance?
A) You take out a student loan from your bank. B) You borrow $500 from your best friend. C) You buy shares in a mutual fund. D) An insurance company lends funds to IBM.
One concept that behavioral economists use to account for procrastination is:
A. the time inconsistency of our decision-making. B. the fungibility of money. C. thinking inconsistently about prices. D. framing bias.
Which of the following is not true concerning producer surplus? a. It is qraphically the area under the supply curve and above the market price. b. It exists in equilibrium
c. A leftward shift of the supply curve will decrease producer surplus. d. A rightward shift of the supply curve will increase producer surplus.
Which statement is correct?
A. Farmers fared considerably better than most other economic groups during the Great Depression B. Farmers typically sell their products in highly competitive markets and buy in imperfectly competitive markets C. The principal beneficiaries of government farm subsidies have been the very-low-income farmers D. The use of price supports has accelerated the exodus of resources from agriculture