Which of the following statements regarding the basic economic problem of scarcity is correct?
A) The problem only exists in countries that are not highly industrialized.
B) The problem is likely to disappear as production increases.
C) The problem is sure to disappear as technology improves.
D) The problem will exist as long as resources are available in limited amounts.
E) The problem will disappear as a person's income falls.
Correct Answer:
Verified
Q11: The study of how nations deal with
Q12: Economics is best defined as the study
Q13: Rent is the payment received by resource
Q14: Scarcity is best defined as
A)unlimited resources
B)a shortage
Q15: The problem of scarce resources
A)means that in
Q17: Because people's wants are unlimited but resources
Q18: Scarcity
A)exists because people have wants that are
Q20: Economics
A)studies human behavior when scarcity exists and
Q21: In economics, "capital" refers to
A)money
B)stocks, bonds, and
Q204: Which of the following is the best
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents