Scarcity refers to the situation in which
A) unlimited wants exceed limited resources.
B) a country's population is larger than its resource base.
C) a nation's poverty level increases faster than its population.
D) unlimited resources exceed limited wants.
A
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If the price of gasoline increases from $2.50 per gallon to $3
00 per gallon and the quantity demanded goes down from 120 million gallons per week to 115 million gallons per week, the absolute value of price elasticity of demand in that price range is approximately A) 0.23. B) 4.35. C) 0.93. D) 2.34.
Refer to the above table. The table represents information on the costs for Ajax Corporation. Ajax operates in a perfectly competitive market and the price of the product is $9. What does profit equal when quantity equals 3?
A) $13 B) $10 C) $6 D) $2
Real GDP accurately reflects both the quantity and quality of goods and services
a. True b. False Indicate whether the statement is true or false
When the Federal Reserve sells treasury securities in the open market,
A. The buyers of these securities pay for them with checks and bank reserves fall B. The buyers of such securities by new securities in the open market and there is a decrease in bank reserves C. The sellers of such securities deposit the funds in their banks and bank reserves decrease