The economic concept of scarcity refers to the fact that:
A. limited resources require economies to make choices among production alternatives.
B. income must be redistributed through taxation in order to address income disparity.
C. the United States will always have a battle to fight hunger.
D. resources are often wasted and shortages are often the result.
Answer: A
You might also like to view...
Refer to Figure 21-2. Which of the following is consistent with the graph depicted above?
A) There is a shift from an income tax to a consumption tax. B) The government runs a budget surplus. C) New government regulations decrease the profitability of new investment. D) An expected expansion increases the profitability of new investment. Figure 21-3
The relationship between a change in the price of a complementary good and demand for another complementary good is
A) positive. B) negative. C) inconclusive. D) zero.