The problem of scarcity
a. arises only in poor countries.
b. exists because the price of goods is too high.
c. exists because of limited resources.
d. will eventually be solved by better planning.
c
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Amanda buys a ruby for $330 for which she was willing to pay $340. The minimum acceptable price to the seller, Tony, was $140. Tony experiences a
A. consumer surplus of $670 and Amanda experiences a producer surplus of $470. B. producer surplus of $190 and Amanda experiences a consumer surplus of $10. C. consumer surplus of $10 and Amanda experiences a producer surplus of $190. D. producer surplus of $470 and Amanda experiences a consumer surplus of $670.
If the required reserve ratio is 15 percent, there is no currency drain, and banks loan all of their excess reserves, an increase in the monetary base of $20,000 leads to a total increase in the quantity of money of
A) $200,000. B) $133,333. C) $3,000. D) $20,000. E) $300,000.
The cost of building a blast furnace for an iron and steel firm would be categorized as a: a. total cost
b. fixed cost. c. variable cost. d. marginal cost.
In a partnership
A) each partner's liability is limited to their investment in the company. B) profits are taxed at both the corporate rate and the personal income tax rate. C) upon the death of a partner it may be necessary to sell the business. D) there is a separation of ownership and management like in a corporation.