Scarcity forces us to
a. limit our wants
b. expand our resources
c. produce more than we consume
d. produce whatever we consume
e. choose
E
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Excessive fishing occurs because
a. each individual fisherman has little incentive to maintain the species for the next year. b. fishermen rely on government managers to worry about fish populations. c. fishermen are unionized, so they are not concerned with externalities. d. fishermen have other marketable skills and do not fear exploitation of fish reserves.
The equation E$/£ = 2 means that:
a. one dollar buys 2 pounds. b. one dollar buys 1/2 a pound. c. 2 pounds buy one dollar. d. one dollar buys one pound.
The money demand curve will shift to the left if:
A. the nominal interest rate increases. B. the nominal interest rate decreases. C. the price level decreases. D. the price level increases.
Oil companies lobbying the government for gasoline price supports are engaging in rent-seeking behavior.
Answer the following statement true (T) or false (F)