Which of the following best describes scarcity?
a. wants cannot be fulfilled and thus all goods must be rationed.
b. prices of goods are very high.
c. markets cannot properly allocate resources.
d. unlimited wants exceed the limited resources available.
scarcity is central to the study of economics because it implies that
a. every choice involves an opportunity cost.
b. wants are unlimited.
c. economic agents are rational.
d. society must make decisions at the margin.

On july 1, oura corp. made a sale of $ 450,000 to stratus, inc. on account. terms of the sale were 2/10, n/30. stratus makes payment on july 9. oura uses the net method when accounting for sales discounts. ignore cost of goods sold and the reduction of inventory. a. prepare all oura's journal entries. b. what net sales does oura report?

Turtle corporation produces and sells a single product. data concerning that product appear below: per unit percent of sales selling price $ 150 100 % variable expenses 75 50 % contribution margin $ 75 50 % the company is currently selling 5,600 units per month. fixed expenses are $194,000 per month. the marketing manager believes that a $5,300 increase in the monthly advertising budget would result in a 190 unit increase in monthly sales. what should be the overall effect on the company's monthly net operating income of this change?

Suppose a country's productivity last year was 84. if this country's productivity growth rate of 5 percent is to be maintained, this means that this year's productivity will have to be: