When economists say scarcity, they mean:
a. there are only a limited number of consumers who would be interested in purchasing goods.
b. the human desire for goods exceeds the available supply of time, goods and resources.
c. most people in poorer countries do not have enough goods.
d. goods are so expensive that only the rich can afford it.
b
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The ________ in employment during a recession is smaller if wages are ________
A) increase; flexible B) decline; rigid C) increase; rigid D) decline; flexible
In August 2005, hurricane Katrina hit the Gulf States damaging approximately 20 percent of our oil refining capacity. This event
a. resulted in a massive building of new refining capacity which shifted the supply curve of gasoline to the left b. shifted the supply curve of gasoline to the left thereby raising its price c. shifted the demand curve of gasoline to the right because less gasoline was available d. resulted in an inward shift in both the supply curve of gasoline and the demand curve for gasoline because less gasoline was available and, as a result, there was less demand for gasoline e. resulted in an outward shift in both the supply curve of gasoline and the demand curve for gasoline because less gasoline was available and, as a result, there was less demand for gasoline