Scarcity:
a. allows businesses to take advantage of economies of scale.
b. means that human wants for goods, services and resources exceed what is available.
c. means that as the level of production increases, the average cost of producing each individual unit declines.
d. only refers to resources, such as labor, tools, land, and raw materials.
b. means that human wants for goods, services and resources exceed what is available.
Scarcity means that human wants for goods, services and resources exceed what is available. Source: SME
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An important foundation of the new growth theory is that
A) we will get more technological advances when the rewards for producing them are greater. B) the growth rate of the capital stock is more important than the growth rate of new knowledge in generating economic growth. C) we will get more technological advances the more the government is involved. D) improvements in labor productivity are poor measures of technological growth.
Other things the same, a decrease in the price level causes real wealth to
a. fall, interest rates to fall, and the dollar to appreciate. b. fall, interest rates to rise, and the dollar to depreciate. c. rise, interest rates to rise, and the dollar to appreciate. d. rise, interest rates to fall, and the dollar to depreciate.