What implication does resource scarcity have for the satisfaction of wants?
A. Not all wants can be satisfied
B. We will never be faced with the need to make choices
C. We must develop ways to decrease our individual wants
D. The discovery of new natural resources is necessary to increase our ability to satisfy wants
Answer: Option A
Solution(By Examveda Team)
Resource scarcity for the satisfaction of wants implicates that not all wants can be satisfied. The classification of human wants is not a rigid concept.The capital that is consumed by an economy or a firm in the production process is known as
A. Capital loss
B. Production cost
C. Dead-weight loss
D. Depreciation
Who propounded the opportunity cost theory of international trade?
A. Ricardo
B. Marshall
C. Heckscher & Ohlin
D. Haberler
Which among the following statement is INCORRECT?
A. On a linear demand curve, all the five forms of elasticity can be depicted
B. If two demand curves are linear and intersecting each other, then, coefficient of elasticity would be same on different demand curves at the point of intersection.
C. If two demand curves are linear and parallel to each other, then, at a particular price, the coefficient of elasticity would be different on different demand curves.
D. The price elasticity of demand is expressed in terms of relaive not absolute changes in Price and Quantity demanded.
A. Increase
B. Decrease
C. Remain the same
D. Become zero
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