The primary measure of a country's development is

The concept of scarcity as used by economists refers to:

a. a situation of excess supply. b. a situation in which the available resources are not enough to satisfy the wants of the people at a zero price. c. a situation in which an item is available only in very small quantities. d. a situation in which an item is very expensive. e. a situation in which a resource is nonrenewable.

Which of the following is not true about the Federal Reserve banks?

A. They serve as bankers' banks B. They are privately owned but government-controlled C. Unlike other banks, they are not motivated by profits D. They compete with commercial banks in their basic functions