Which of the following is correct about the economic decisions consumers, firms, and the government have to make?
A) Each faces the problem of scarcity which necessitates trade-offs in making economic decisions.
B) Governments may face the problem of shortages but not scarcity in making economic decisions.
C) Firms and the government face scarcity, individuals only face shortages.
D) Only individuals face scarcity; firms and the government do not.
A
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In the nation of Transporta, the income elasticity of demand for used cars is -2.66. So when incomes in this nation increase by 10 percent
A) the quantity of used cars demanded will increase by 26.6 percent. B) used cars will be normal goods. C) the quantity of used cars demanded will decrease by 26.6 percent. D) the demand curve for used cars will shift rightward.
Of the types of business organizations in the United States, corporations account for ________ percentage of revenues and ________ percentage of profits
A) the largest; the largest B) the smallest; the largest C) neither the largest nor smallest; the largest D) largest; neither the largest nor smallest