Our Basic Economic Problem Would Be Solved If

question 89

Multiple Choice

Our basic economic problem would be solved if

• A)everyone were given $500,000.
• B)our population stopped growing.
• C)all sickness and disease were wiped out.
• D)our wants could be satisfied with available resources.

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Definitions:

Variable Costs

Costs that vary directly with the level of production or service volume.

Gross Margin

The difference between sales revenue and the cost of goods sold, indicating the profitability of products sold before other expenses.

Operating Expenses

Costs associated with the day-to-day functions of a business, excluding cost of goods sold.