If Scarcity Were Eliminated

question 19

Multiple Choice

If scarcity were eliminated,

• A) all goods would be free.
• B) no one would have to make any choices.
• C) everyone could have all they want at no cost.
• D) all of the above are true.

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Definitions:

U.S. Dollars

The official currency of the United States, widely used for international transactions.

Future Rate

An expected rate for a financial instrument or an economic variable at a specified future date.

Fixed Exchange Rate

A government policy to maintain the value of its currency at a set rate against another currency or a basket of currencies.

Covariance

A measure used in statistics to determine how much two random variables change together, indicating the direction of their linear relationship.