Scarcity is a problem in economics because it means that
a. all economies will be poor
b. we cannot produce all the goods we want
c. consumers will not be able to consume all of the goods that producers have the capacity to produce
d. we cannot produce all the food we would want
e. the economy cannot improve its peoples' standard of living
B
You might also like to view...
When workers and employers correctly anticipate the rate of inflation
A) there will be no unemployment. B) there will be only involuntary unemployment. C) unemployment will be at the natural rate. D) workers will underestimate the real wage.
At lower rates of inflation and higher rates of unemployment, the slope of the Phillips curve is a. very steep. b. vertical
c. horizontal. d. less steep.
Greg spends his entire budget on two goods: he plays video games at the mall arcade and he buys pizza. He discovers that his MU/P of video games is lower than his MU/P of pizza. From this, we know that he would be
a. happier eating less pizza and playing fewer video games b. happier eating less pizza and playing more video games c. happier eating more pizza and playing fewer video games d. indifferent to which selection he makes e. less happy if he made any change because he has obviously bought the quantities that maximize his total utility
In about two paragraphs, distinguish between outsourcing and offshoring as they relate to business processes.
What will be an ideal response?