Resources are all of the following except:
A. unlimited and in abundance.
B. the things we use to produce goods and services.
C. limited in quantity and can be used in different ways.
D. scarce and therefore require choices to be made.
Answer: A
Economics
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The gap that exists when equilibrium real GDP is greater than the level of real GDP shown by the position of the long-run aggregate supply curve is
A) the short-run aggregate supply curve. B) money illusion. C) a recessionary gap. D) an inflationary gap.
Economics
When a firm earns economic profit
A) accounting profits are zero. B) market share has be capitalized. C) other firms enter the market. D) total revenue has been maximized.
Economics