Scarcity is caused by
A) unlimited wants running up against limited economic resources.
B) a company's slow production speed.
C) an individual's budget that is insufficient to cover the expenses of certain goods or services.
D) shortages.
Answer: A
Economics
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The International Monetary Fund divides nations into three groups. What are the three groups and what are the characteristics of each group?
What will be an ideal response?
Economics
The figure above shows a perfectly competitive firm. The firm is operating; that is, the firm has not shut down. The firm is
A) making an economic profit of $200. B) incurring a economic loss of $200. C) incurring an economic loss of $600. D) making zero economic profit.
Economics