Because resources are limited:
A. only the very wealthy can get everything they want.
B. firms will be forced out of business.
C. the availability of goods will be limited but the availability of services will not.
D. people must make choices.
Answer: D
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Starting from long-run equilibrium, a large increase in government purchases will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; higher; potential B. recessionary; higher; potential C. recessionary; lower; lower D. expansionary; higher; higher
A firm produces 500 units per week. It hires 20 full-time workers (40 hours/week) at an hourly wage of $15 . Raw materials are ordered weekly and they costs $10 for every unit produced. The weekly cost of the rent payment for the factory is $2,250 . How do the overall costs breakdown?
a. total variable cost is $17,000 . total fixed cost is $2,250; total cost is $19,250 b. total variable cost is $5,000 . total fixed cost is $2,250; total cost is $7,250 c. total variable cost is $5,000 . total fixed cost is $14,250; total cost is $19.250 d. total variable cost is $12,000 . total fixed cost is $7,250; total cost is $19,250
If two goods were to become even stronger substitutes than before, an economist would expect the cross elasticity to become:
a. positive. b. one. c. zero. d. smaller. e. larger.
What happened to the demand curve in the global cement market when China experienced a construction boom starting in 2004?
What will be an ideal response?