Which Statement Is CORRECT

question 82

Multiple Choice

Which statement is CORRECT?

• A)Resource scarcity is not a major concern in the rich countries of the world.
• B)Most opportunity costs are zero.
• C)An economic situation is in equilibrium when no individual would be better off taking a different action.
• D)Some very talented,skilled individuals who can do everything better than most people should not specialize in doing any one thing.

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Definitions:

Producers' Income

The earnings or revenue received by the producers or firms from the sale of goods or services before the deduction of any expenses.

Surplus

An excess amount of a commodity or service, exceeding what is normally utilized or required.

Government

The governing body of a nation, state, or community responsible for leadership, policy making, and administration.

Ethanol Program

A governmental policy initiative aimed at promoting the use of ethanol as a biofuel, to reduce dependency on fossil fuels and decrease greenhouse gas emissions.