Scarcity is a(n):
a. problem only in industrialized economies.
b. condition measured by the quantity of goods available.
c. subjective concept that human wants can never be satisfied.
d. problem only in poor economies.
c
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The demand for labor is a derived demand because it is derived from
A) the supply of labor. B) union pressure. C) the demand for the output the labor produces. D) natural law.
Which of the following companies was part of the original Dow Jones Industrial Average?
A. Chicago Gas Company B. National Lead Company C. General Motors Corp. D. AT&T Inc. E. a and b
The key to the success of forward guidance as a monetary policy tool is:
A. credibility. B. timing. C. transparency. D. a favorable exchange rate.
If the equilibrium price of good X is $5 and a price ceiling is imposed at $4, the result will be a(n):
A. accumulation of inventories of unsold gas. B. shortage. C. surplus. D. quantity supplied that exceeds the quantity demanded.