Scarcity implies that
A) people should limit their wants, since shortages exist.
B) firms should be more efficient when producing goods.
C) people must make choices.
D) nonrenewable resources should never be used.
Answer: C
Economics
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A competitive market with flexible prices and many buyers and sellers will:
A) tend to create surpluses. B) tend to create shortages. C) reach an equilibrium where the market clears. D) reach and equilibrium only if a government agency sets the price.
Economics
When net capital outflows are negative,
A) capital inflows are greater than capital outflows. B) net factor payments must be positive. C) the current account must be negative. D) foreign direct investment must be greater than foreign portfolio investment.
Economics