Scarcity guarantees that
A) demands will exceed wants.
B) wants will exceed demands.
C) demands will be equal to wants.
D) most demands will be satisfied.
B
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Refer to Scenario 14.1. Marco and Lisette decide to help each other out and agree to split any medical bills from their doctor
With this new arrangement, Marco's dominant strategy is to schedule ________, and Lisette's dominant strategy is to schedule ________, A) 1 visit; 1 visit B) 1 visit; 2 visits C) 2 visits; 1 visit D) 2 visits; 2 visits
According to the permanent income hypothesis, consumption spending depends largely on ________
A) current income B) the savings rate C) a consumer's lifetime resources D) the level of current income plus the value of the assets owned by the household
Credence goods are particularly susceptible to the lemons problem because
A) they have qualities that are difficult for producers to fully assess. B) they have qualities that are difficult for consumers to fully assess. C) creative responses among producers create volatility in market supply. D) creative responses among consumers create volatility in market demand.
If the minimum wage is set too high, in some labor markets we can expect to see:
A. a shortage of labor. B. an increase in on-the-job training. C. a surplus of labor. D. a decline in wage costs.