The concept of scarcity as used by economists refers to:
a. a situation of excess supply.
b. a situation in which the available resources are not enough to satisfy the wants of the people at a zero price.
c. a situation in which an item is available only in very small quantities.
d. a situation in which an item is very expensive.
e. a situation in which a resource is nonrenewable.
b
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The formal and informal rules governing the organization of a society on the whole, including its laws and regulations, are referred to as:
A) organizational structure. B) religious norms. C) cultural scenario. D) institutions.
According to the endogenous growth model with human capital, what can we say about countries with more efficient schools?
A) They are richer. B) They are richer and grow faster. C) They are richer and grow more slowly. D) They grow faster.