Multiple Choice
Figure 5.1. The figure shows a linear production possibility curve representing a tradeoff faced by a country, between necessities and luxuries.
-To say that "there is a scarcity of gold" means that:
A) gold prices will plummet.
B) there is not enough gold to satisfy people's demand.
C) there are a very few substitutes for gold.
D) gold is relatively less expensive than other metals.
E) the demand for gold is changing.
Correct Answer:

Verified
Correct Answer:
Verified
Q1: Scenario 4-1<br>In a given year, country A
Q3: Figure 5.2. The figure shows the supply
Q4: Figure 5.3. The figure shows the wage
Q5: Scenario 4-1<br>In a given year, country A
Q6: Figure 5.2. The figure shows the supply
Q7: Figure 5.1. The figure shows a linear
Q8: Figure 5.2. The figure shows the supply
Q9: Figure 5.2. The figure shows the supply
Q10: Figure 5.1. The figure shows a linear
Q11: Figure 5.3. The figure shows the wage