The basic problem in economics is
A) unlimited needs.
B) scarcity.
C) demand.
D) limited resources.
B
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Microeconomics can be used by governments to predict the impacts of a policy and suggest solutions to problems
What will be an ideal response?
What caused the dramatic reversal in relative economic positions of the North and South after the Civil War?
a. economic advances in the north and mid-west b. technological advances in New England industries c. increases in Northern exports to Europe d. decline in southern output
An increase in the nominal interest rate, other things constant, will: a. shift the money demand curve to the right
b. shift the money demand curve to the left. c. increase the quantity of money people choose to hold. d. decrease the quantity of money people choose to hold. e. have no impact on the money demand curve.
Which of the following statements about the minimum wage is true?
A. The minimum wage has not had any impact on income inequality. B. Due to minimum wage increases, income inequality is now lower than it was in the mid-20th century. C. The minimum wage tends to create inflation, which benefits the wealthy more than the poor. D. Adjusting for inflation, the real minimum wage has fallen in the last 40 years.