To an economist, scarcity means that:
a. it is very time-consuming to find a good.
b. at a zero price, the available quantity of a good is insufficient to meet people's wants.
c. a good is unavailable even at very high prices.
d. at the current market price, the amount available is less than the amount that people want and are willing to pay for.
e. resources are unlimited but people's desires are limited.
b
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Suppose the Fed purchases Treasury securities. Interest rates in the United States will ________ and the U.S. dollar will ________ against foreign currencies
A) decrease; depreciate B) increase; depreciate C) decrease; appreciate D) increase; appreciate
Nominal gross domestic product is based on the existing prices at which final goods are actually sold
a. True b. False Indicate whether the statement is true or false