Scarcity guarantees that

A) demands will exceed wants.
B) wants will exceed demands.
C) demands will be equal to wants.
D) most demands will be satisfied.

B

Economics

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What is on the horizontal axis when we draw a total product curve?

a. total cost b. marginal cost c. quantity of output d. quantity of a variable input

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If nominal GDP for an economy is $10,444 billion and the price index is 110, then real GDP is $9495.

Answer the following statement true (T) or false (F)

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