If All the World's Resources Were to Magically Increase a Hundredfold

question 20

Multiple Choice

If all the world's resources were to magically increase a hundredfold, then:

• A) the scarcity principle would still govern behavior.
• B) economics would no longer be relevant.
• C) the scarcity principle would disappear.
• D) tradeoffs would become unnecessary.

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Definitions:

Commercial Banks

The largest and oldest of all financial institutions, relying mainly on checking and savings accounts as sources of funds for loans to businesses and individuals.

Credit CARD Act

A US federal law enacted in 2009 aimed at reducing abusive practices in the credit card industry, enhancing consumer protections.