Which of the following statements regarding the basic economic problem of scarcity is correct?
a. The problem only exists in countries that are not highly industrialized.
b. The problem is likely to disappear as production increases.
c. The problem is sure to disappear as technology improves.
d. The problem will exist as long as resources are available in limited amounts.
e. The problem will disappear as a person's income falls.
D
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Economists segment the business cycle into phases and the phase in which real GDP declines, inflation moderates, and unemployment emerges is the
a. recession b. downturn c. depression d. stagflation e. deceleration
Labor productivity is defined as
a. the amount of output a typical worker turns out in an hour of work. b. the amount of output the best worker turns out in a day of work. c. the amount of output improvement in a year of work. d. the amount of average output improvement for a team in a year of work.
When hedging with options, what is the cost to enter into your hedging position?
A. The basis. B. The maintenance margin. C. The strike price. D. The option premium.
The unregulated monopoly in Figure 27.2 will experience
A. Profits equal to PCPDDC. B. Losses equal to PA0qAA. C. Losses equal to PBPDDB. D. Profits equal to PD0qCD.