Which of the following is true?
a. As long as human wants exceed available resources, scarcity will exist
b. Scarcity ultimately leads to competition for the available goods and services.
c. Scarcity affects everyone to the same degree.
d. Both a. and b. are true.
d
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Which of the following is NOT a part of the Federal Reserve System?
A) the Federal Deposit Insurance Corporation B) the Board of Governors C) the Twelve District Federal Reserve banks D) the Federal Open Market Committee
The rate at which Sam is willing to give up a gallon of gasoline to get one more pound of coffee, and remain on the same indifference curve is called his
A) opportunity cost of coffee. B) opportunity cost of gasoline. C) personal price of coffee. D) marginal rate of substitution.
The difference between the current account balance and net exports is
A) the capital account. B) net unilateral transfers plus net factor payments from abroad. C) adjustments in net foreign assets. D) income receipts from foreign assets.
All successful bidders in a Treasury bill auction pay the __________ price for their bids
A) market-clearing B) highest accepted C) average D) lowest accepted