Which of the following statements is true?
a. Goods are scarcer than services in an economy.
b. Goods are scarce for neither the poor nor the rich.
c. Goods are scarce for both the poor and the rich.
d. Goods are scarce for the poor but not for the rich.
e. Goods are scarce for the rich but not for the poor.
c
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If a number equal to the mean (average) of a series of observations is added to the series, the new mean is:
A) greater than the original mean. B) smaller than the original mean. C) same as the original mean. D) either greater or smaller than the original mean depending on the number of observations in the series.
Refer to Figure 8.2. As the competitive industry, not just the firm in question, moves toward long-run equilibrium, the firm will be forced to operate at what level of output?
A) 22 B) 34 C) 38. D) 50 E) 64
Suppose the central bank implements expansionary monetary policy where the money supply increases. Which of the following will tend to occur in the long run as a result of this monetary policy action?
A. Output will increase with no change in the price level. B. Output and the price level will both increase. C. an increase in the price level and no change in output D. no change in either the price level or output
Economic theory suggests that the optimal level of immigration in the United States:
A. is zero. B. occurs where the marginal benefit of the last immigrant equals or just exceeds the marginal cost of the last immigrant. C. occurs where the marginal benefit of the last immigrant equals or just exceeds zero. D. occurs at the level where the difference between the marginal benefit and marginal cost of the last immigrant is maximized.