What is the difference between a "free" good and a "scarce" good?
What will be an ideal response?
A scarce good can only be obtained by sacrificing something else of value; a free good can be obtained at no sacrifice whatsoever.
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The quantity of money in circulation in the United States is managed by
A) The Securities Exchange Commission. B) The United States Treasury. C) The Federal Reserve System. D) Wall Street.
If an improvement in production technology causes a decrease in production costs, the result is a(n)
a. decrease in quantity supplied b. increase in demand c. increase in supply d. improvement is working conditions e. increase in quantity supplied
A new technology is announced which allows manufacturers to produce widgets for less. Widgets are a key input in the production of whatchamacallits. What would we expect to happen to the market for whatchamacallits?
A. The demand curve would shift left. B. The supply curve would shift right. C. The supply curve would shift left. D. The demand curve would shift right.
What is true of disposable income?
What will be an ideal response?