The problem of economic scarcity applies
A) only in countries with no markets to meet people's wants.
B) only in underdeveloped countries, because there are no productive resources in these nations.
C) only to nations with few resources.
D) to the economies of all nations, regardless of their levels of development.
Answer: D
You might also like to view...
How can a combination of goods be unattainable?
What will be an ideal response?
An economy with only a domestic sector is called:
A) a mixed economy. B) an open economy. C) a closed economy. D) a command economy.
What is the most likely consequence when people's preference for current consumption rises in relation to future consumption?
a. Interest rates will fall, and the rate of extraction of exhaustible natural resources will decrease. b. Interest rates will fall, and the rate of extraction of exhaustible natural resources will increase. c. Interest rates will rise, and the rate of extraction of exhaustible natural resources will decrease. d. Interest rates will rise, and the rate of extraction of exhaustible natural resources will increase. e. Interest rates will fall, and there will be no effect on the rate of extraction of exhaustible natural resources.
The gold standard is
A. a type of fixed exchange rate system. B. a type of managed flexible exchange rate system. C. a type of floating exchange rate system. D. a currency exchange system without exchange rates.