Author Question: When an economist talks of scarcity, the economist is referring to the A) ability of society to ... (Read 108 times)

Beheh · **on:** Jun 29, 2018

When an economist talks of scarcity, the economist is referring to the

A) ability of society to employ all of its resources.
B) ability of society to consume all that it produces.
C) inability of society to satisfy all human wants because of limited resources.
D) ability of society to continually make technological breakthroughs and increase production.

Question 2

When the price level rises, the long-run aggregate supply curve ________.

A) shifts rightward
B) does not shift
C) slopes upward
D) shifts leftward