The problem of having unlimited wants under the constraint of limited resources can describe the problem of:
A. scarcity.
B. the marginal principle.
C. sunk costs.
D. opportunity cost.
Answer: A
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In the Nash equilibrium of a prisoner's dilemma:
A. there is unrealized opportunity for both to gain. B. both players have equal payoffs. C. there is no cash left on the table. D. total economic surplus is maximized.
Which agency was created by Congress in 1914 to investigate and regulate unfair methods of competition?
a. Department of Justice. b. Federal Trade Commission. c. Interstate Commerce Commission. d. General Accounting Office.
In a system in which all banks have a uniform reserve requirement, the money multiplier is equal to 1 divided by the prime rate
a. True b. False Indicate whether the statement is true or false
According to the law of demand, if the price of movie rentals decreases, ceteris paribus,:
a. the demand for movie rentals would increase. b. the quantity demanded of movie rentals would decrease. c. the quantity demanded of movie rentals would increase. d. the demand for movie rentals would decrease. e. the quantity demanded of movie rentals would not change.