The concept of scarcity indicates that:
A) most goods have no alternative uses.
B) almost all goods have alternative uses.
C) most decisions can be made without sacrificing alternatives.
D) certain societies are able to overcome the constraints imposed by alternative uses of resources.
Ans: B) almost all goods have alternative uses.
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Which of the following would increase gross private domestic investment in an economy?
A) an increase in the shares of Apple stock households own B) an increase in the number of workers Apple hires C) an increase in the level of Apple's inventory D) an increase in the number of highway construction projects the government is funding
According to the production possibilities model, if more resources are allocated to the production of physical and human capital, then all of the following are likely to happen except
A) fewer goods will be produced for consumption today. B) the production possibilities frontier will be shift outward in the future. C) future economic growth is enhanced. D) the country's total production will fall.