The term "scarcity" in economics can refer to the fact that:
A. even in the richest country some people go hungry.
B. no country can produce enough products to satisfy everybody's economic wants.
C. it is impossible to produce too much of any particular good or service in a market economy.
D. economic wants are limited and resources are abused.
Answer: B
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Dole Co operates in a monopolistically competitive market. To try to earn an economic profit, Dole Co will
A) prevent other firms from entering the market. B) increase its product's price. C) continually seek to differentiate its product. D) increase output.
The Social Security program is primarily a
a. compulsory retirement income program set up on sound insurance principles. b. forced-savings program where workers save during their working years and receive the principal and interest on these savings at retirement. c. program designed to tax current workers in order to provide benefits for current retirees. d. voluntary savings program run by the government.
For a given shift of the aggregate demand curve, the ________ the short-run aggregate supply curve, the ________ the increase in the real GDP and the ________ the increase in the price level
a. steeper; larger; smaller b. steeper; smaller; larger c. more flat; smaller; smaller d. steeper; larger; larger
In response to the economic downturn, the federal government enacted a fiscal stimulus bill with funding in excess of $700 billion.
Answer the following statement true (T) or false (F)