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Questions and Answers
What is the impact of scarcity on the production possibilities curve?
What is the impact of scarcity on the production possibilities curve?
- It causes the curve to shift outward
- It has no impact on the curve
- It causes the curve to become steeper
- It causes the curve to shift inward (correct)
Which of the following best describes scarcity in microeconomics?
Which of the following best describes scarcity in microeconomics?
- A situation where there is no demand for resources
- A situation where there is a limited availability of resources relative to unlimited wants (correct)
- A situation where there is an abundance of resources
- A situation where there is an equal distribution of resources
Which of the following is an example of a scarce resource in microeconomics?
Which of the following is an example of a scarce resource in microeconomics?
- Time (correct)
- Air
- Water
- Sunlight
