When economists speak of scarcity, they are referring to the
A) condition in which society is not employing all its resources in an efficient way.
B) condition in which people's wants outstrip the limited resources available to satisfy those wants.
C) economic condition that exists in only very poor countries of the world.
D) condition in which society produces too many frivolous goods and not enough socially desirable goods.
B
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When aggregate expenditure is greater than GDP, then there will be an:
A. Unplanned increase in inventories and GDP will increase B. Unplanned decrease in inventories and GDP will increase C. Unplanned increase in inventories and GDP will decrease D. Unplanned decrease in inventories and GDP will decrease
Which of the following is a possible government objective?
a) High borrowing costs b) Low income per person c) Lower employment d) Lower inflation