According to the concept of scarcity in economics,
(a) wants will be fully satisfied sometime in the future.
(b) the wants of society cannot be satisfied by the goods and services that can be produced from
given resources.
(c) there are no free goods.
(d) free goods and scarce goods are equally available.
(e) All of the above.
Ans: (b) the wants of society cannot be satisfied by the goods and services that can be produced from
given resources.
You might also like to view...
How does an increase in expected profit affect investment demand and the demand for loanable funds curve?
What will be an ideal response?
Gross domestic product is a measure of the total value of all
A) sales in an economy over a period of time. B) consumer income in an economy over a period of time. C) capital accumulation in an economy over a period of time. D) final goods and services produced in an economy over a period of time.
In the short run, the firm's break-even point is:
a. the minimum point of the firm's demand curve. b. the minimum point of the firm's average-total-cost curve. c. the minimum point of the firm's average-variable-cost curve. d. the minimum point of the firm's marginal-cost curve. e. the minimum point on the average-fixed-cost curve.
The economic view of the consumer as king is reflected most appropriately by the expression
a. ceteris paribus b. post hoc, ergo propter hoc c. consumer sovereignty d. ipso facto e. les miserables