The Concept of Scarcity Indicates That

question 120

Multiple Choice

The concept of scarcity indicates that:

• A) most goods have no alternative uses.
• B) almost all goods have alternative uses.
• C) most decisions can be made without sacrificing alternatives.
• D) certain societies are able to overcome the constraints imposed by alternative uses of resources.

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Definitions:

Spending Variance

The difference between the actual amount of money spent and the budgeted amount for various categories.

Press Runs

The total number of units produced in one setup or operation of a press machine.

Wages And Salaries

Compensation paid to employees for their labor, including hourly payments (wages) and fixed annual or monthly payments (salaries).

Spending Variance

The difference between the actual amount of money spent and the budgeted or expected amount, indicating over- or under-spending.