As an economic concept, scarcity applies to
A) both money and time.
B) money but not time.
C) time but not money.
D) neither time nor money.
A
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Suppose the MPC is 0.8 in Canada and the MPC of Home goods is 0.55. If income increases by $100 million in Canada, then the increase in consumption of domestic goods will be:
a. $25 million. b. $80 million. c. $55 million. d. $35 million.
In the above figure, 300,000 purses per month is
A) the efficient amount to produce because at 300,000 purses marginal social benefit equals marginal social cost. B) the efficient amount to produce because at 300,000 purses marginal social benefit is greater than marginal social cost. C) an inefficient amount to produce because at 300,000 purses marginal social benefit equals marginal social cost. D) an inefficient amount to produce because producing 500,000 purses sets the marginal social benefit equal to zero.