Which of the following statements best describes scarcity? a. Production is efficient, but distribution is inefficient. b. Available resources can never satisfy people's wants. c. Society is not employing all of its available resources in an efficient manner. d. Scarcity afflicts only poor countries. e. Too many frivolous goods and services are produced at the expense of socially desirable goods and services.
Which of the following statements best describes scarcity? a. Production is efficient, but distribution is inefficient. b. Available resources can never satisfy people's wants. c. Society is not employing all of its available resources in an efficient manner. d. Scarcity afflicts only poor countries. e. Too many frivolous goods and services are produced at the expense of socially desirable goods and services.
Principles of Economics, 7th Edition (MindTap Course List)
7th Edition
ISBN:9781285165875
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter2: Thinking Like An Economist
Section2.1: The Economist As Scientist
Problem 1QQ
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Q92
Which of the following statements best describes scarcity?
a.
Production is efficient, but distribution is inefficient.
b.
Available resources can never satisfy people's wants.
c.
Society is not employing all of its available resources in an efficient manner.
d.
Scarcity afflicts only poor countries.
e.
Too many frivolous goods and services are produced at the expense of socially desirable goods and services.
Clear my choice
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