Which of the following is true regarding scarcity?
a. Scarcity could be eliminated if all economies of the world would work together to solve world hunger.
b. Scarcity could be eliminated if we had full employment.
c. It is impossible to eliminate scarcity, given limited resources and unlimited wants.
d. Scarcity could be eliminated if all economies of the world would adopt communism.
e. Scarcity could be eliminated if all economies of the world would adopt a free market system.
c
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Compared to Latin America in the 1980s, East Asian countries in the 1990s had
a. higher budget deficits and higher current account deficits b. lower budget deficits and lower current account deficits c. higher budget deficits and lower current account deficits d. lower budget deficits and higher current account deficits e. similar budget and current account deficits
The comment that "the minimum wage should be raised to give working people in this country a fair wage" is an example of:
a. A normative economic statement b. The fallacy of composition c. A positive economic statement d. The after this, therefore because of this, fallacy