The perpetual problem in economics is:
a. our inability to work together effectively.
b. our inability to satisfy everyone's wants with the available resources.
c. a recognition of continual class differences.
d. our inability to utilize resources efficiently.
e. likely to be solved in resource-rich countries.
b
You might also like to view...
Molly just graduated from high school. The figure shows her possibilities frontier. If Molly goes to college, she will move from point M to point K. In terms of consumption goods, Molly's opportunity cost of going to college is
A) MK. B) OL. C) KL. D) LM.
The Clinton Administration, faced with eight years of uninterrupted prosperity was chronically worried about inflation and thought of applying countercyclical fiscal policy but was nervous about doing so because
a. it was politically incorrect to raise taxes b. it was politically incorrect to cut government spending c. countercyclical policy had never worked before d. it didn't know where the economy would be in six months and was afraid that the countercyclical policy they would introduce would be an inappropriate one e. there was no administrative lag that it can use to implement the policy
Suppose that Far North Canadian Lumber, Ltd., sells lumber in Canada at a price of $1,000 per 1,000 board feet and exports the same lumber to the United States at a price of $600 per 1,000 board feet. U.S. Lumber, Inc., produces and sells lumber for $700 per 1,000 board feet in the United States. Is Far North Canadian Lumber dumping lumber in the United States?
a. Yes; its price in Canada is greater than its price in the United States. b. Yes; its price in Canada is greater than U.S. Lumber's price. c. No; its price in the United States is less than U.S. Lumber's price. d. No; it is maximizing its profits when it price discriminates between the United States and Canada.
Members of the Federal Reserve Board of Governors
A. are members of the Federal Open Market Committee. B. frequently need to deal with political pressure. C. are confirmed by the House of Representatives. D. are appointed to 4 year terms.