Econ

In October 2005, the U.S. Fish and Wildlife Service banned the importation of beluga caviar, the most prized of caviars, from the Caspian Sea. What happened in the market for caviar in the United States

The supply curve shifted to the left

The supply curve shifted to the right

The demand curve shifted to the right

The demand curve shifted to the left

Scarcity refers to the situation in which

Unlimited wants exceed limited resources

Unlimited resources exceed limited wants

A nation's poverty level increases faster than its population

A country's population is larger than its resource base

Opportunity cost is defined as

The benefit of an activity

The monetary expense associated with an activity

The highest valued alternative that must be given up to engage inan activity

The total value of all alternitives that must be given up to engage in an activity

In economics, the accumulated skills and training that workers have is known as

Human capital

Entrepreneurship

Physical capital

Innovation

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