The basic economic problem is a situation of
A) limited resources and unlimited wants.
B) both limited resources and limited wants.
C) limited incomes and unlimited choices.
D) unlimited incomes and limited choices.
Answer: A
You might also like to view...
The official poverty definition in the U.S. is having an income that
a. provides minimum biological needs b. is less than three times the cost of a nutritionally adequate yet frugal diet c. places the household in the bottom 20 percent of the income distribution d. is less than the average U.S. welfare allowance e. is approximately equal to the average household income of Canada
Durable goods, nondurable goods, and services are part of __________ and fall in the category of ________
a. GDP; personal consumption b. GDP; gross private domestic investment c. GDP; government purchases d. national income; inventory e. national income; employee compensation