Increases in the quality and quantity of an economy's resources ...

[fahad]

Increases in the quality and quantity of an economy's resources have little effect on its potential output in the long run.
 a. True
  b. False
  Indicate whether the statement is true or false

Question 2

The concept of scarcity as used by economists refers to:
 a. a situation of excess supply.
  b. a situation in which the available resources are not enough to satisfy the wants of the people at a zero price.
  c. a situation in which an item is available only in very small quantities.
  d. a situation in which an item is very expensive.
  e. a situation in which a resource is nonrenewable.

[amy.lauersdorf90]

Answer to Question 1

False

Answer to Question 2

b