Air is essential to life but commands no price! Diamond is not essential to life but commands a high
Thrift
Value
Abundance
Scarcity
Correct answer is B
No explanation has been provided for this answer.
Rational
Consistent
Inconsistent
Transitive
Correct answer is C
No explanation has been provided for this answer.
When a variable is associated with time period, it is
A flow
A stock
Circular
Static
Correct answer is A
No explanation has been provided for this answer.
Economic is often described as a science because
Laboratory experiments are performed
It makes use of controlled experiments
It uses scientific methods to explain observed phenomena and predict future events
It makes use of field work
Correct answer is C
No explanation has been provided for this answer.
Scarcity in economics means that
Human wants are limitless
The economy has very few resources
The economy can scarcely produce anything
Resources are limited in relation to wants
Correct answer is D
No explanation has been provided for this answer.