Which of the following is an example of scarcity?
A. Adam has more than enough food to eat each day.
B. Benito is wealthy so he has everything he could ever want.
C. Camden would like to have more designer clothes than he can afford.
D. Dennis takes as many vacations as he would like since he won the lottery.
Answer: C
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The current account records foreign investment in the United States minus U.S. investment abroad
Indicate whether the statement is true or false
In a monopolistic competitive industry, how does a small appliance firm differentiate its products by emphasizing intangible aspects?
a. By offering a money-back guarantee b. By selling products through major retailers c. By offering products in multiple colors d. By offering discounts on new models
Suppose that today 1 British pound exchanges for $1.60. If next week 1 pound exchanges for $1.70, it is clear that
A. The dollar has appreciated relative to the pound. B. The pound has depreciated relative to the dollar. C. The dollar has depreciated relative to the pound. D. Both currencies have appreciated.
In an imperfectly competitive industry
A. a single firm will be able to sell all of its output at whatever price it wants to charge. B. the government will always regulate the output price. C. a single firm has no control over the price of its output. D. a single firm has some control over the price of its output.