In any economic system, scarce resources have to be allocated among competing uses. Market economies harness the forces of
a. government to allocate scarce resources.
b. supply and demand to allocate scarce resources.
c. credit cards to allocate scarce resources.
d. nature to allocate scarce resources.
b
Economics
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If the income elasticity of food is 0.72, then food is
A) a necessity and a normal good. B) a normal good. C) a necessity. D) an inferior good.
Economics
“In a recent recession the losses sustained by the developing countries through a decline in raw-material prices by far outweighed any foreign aid given over several years.” Explain.
What will be an ideal response?
Economics