In a market economy scarcity of resources is most clearly reflected in a supply

In a market economy scarcity of resources is most

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53.In a market economy, scarcity of resources is most clearly reflected in a.supply.b.demand.c.market prices.d.the stock of the resource.ANSWER: c.market prices.TYPE: M DIFFICULTY: 2 SECTION: 12.2 54.In a market economy, we know that a resource has become scarcer when
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78 Chapter 12/Production and Growth 55.In a market economy, the real, or inflation adjusted, price of a resource measures its 56.Greater scarcity of a natural resource is indicated 57.The market prices of most natural resources (adjusted for inflation) have been a.rising.b.stable or rising.c.stable or falling.d.falling.ANSWER: c.stable or falling.TYPE: M DIFFICULTY: 2 SECTION: 12.2 58.The behavior of market prices over time show that natural resources 59.Which of the following is correct?
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  • Spring '11
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  • c., Difficulty

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