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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The money multiplier is equal to
A) the government spending multiplier. B) 1/(reserve ratio). C) the marginal propensity to consume. D) the reserve ratio.
When the price of oil declines significantly, the price of gasoline also declines. The latter occurs because of a(n):
A. increase in the demand for gasoline. B. decrease in the demand for gasoline. C. increase in the supply of gasoline. D. decrease in the supply of gasoline.