The economic way of thinking claims there are substitutes for
A) any good.
B) most goods except non-renewable resources.
C) most goods except clean air and clean water.
D) most goods except wetlands and tropical rain forests.
A
You might also like to view...
Imagine that Odyssey National is a brand new bank, and that its required reserve ratio is 10 percent. If it accepts a $1,000 cash deposit, then, excluding the $1,000 initial deposit, the banking system can increase the money supply by:
a. $900. b. $910. c. $1,000. d. $9,000. e. $10,000.
Consider a labor market that is initially in equilibrium. When the labor supply curve shifts to the left while the labor demand curve remains unchanged, the: a. equilibrium wage rate increases
b. price of the output that uses this labor resource decreases. c. equilibrium number of workers hired increases. d. equilibrium wage rate falls.
Why is efficiency desirable?
A) It results in an equal distribution of income. B) It results in the highest prices for the goods and services produced. C) It makes best use of the available resources. D) It is the most politically popular solution.
Answer the following statements true (T) or false (F)
1) An increase in imports (independent of a change in the U.S. price level) will increase both U.S. aggregate supply and U.S. aggregate demand. 2) An increase in business excise taxes will shift the aggregate supply curve leftward. 3) A decrease in per-unit production costs will shift the aggregate supply curve leftward. 4) The aggregate supply curve (short run) becomes steeper as the economy moves rightward and upward along it. 5) Cost-push inflation is depicted as a rightward shift of the aggregate demand curve along an upsloping aggregate supply curve.