Which of the following is a result of scarcity?
a. Costs are incurred in making choices.
b. We attempt to utilize our resources as efficiently as possible.
c. We must make choices between production possibilities.
d. We are unable to produce all we would like to produce.
e. All of these.
e
You might also like to view...
Which of the following involves banks borrowing funds from firms or other banks using the value of underlying securities as collateral?
A) federal funds B) repurchase agreement C) counterparty lending D) money market account
If the level of unemployment is above the natural rate of unemployment, it would be expected that:
a. the short-run Phillips curve will shift leftward, as inflationary expectations adjust. b. the inflation rate will increase c. the short-run Phillips curve will shift rightward, as inflationary expectations adjust. d. both b. and c.