Which of the following is least likely to be an effect of scarcity?
A) rationing device
B) choice
C) opportunity cost
D) dollar price
E) utility
E
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The Cost-Benefit Principle indicates that an action should be taken if, and only if:
A. its costs are small. B. its benefits are a result of its costs. C. its benefits exceed its costs. D. its benefits are positive.
In the figure above, suppose that Mac and Izzie specialize and trade to reach point c. Mac sends Izzie
A) 12 computers in exchange for 12 TVs. B) 12 computers in exchange for 6 TVs. C) 6 computers in exchange for 12 TVs. D) 6 computers in exchange for 6 TVs.
Eurocurrency activities take place only in Europe
Indicate whether the statement is true or false
Positive output gap indicates that
A) the actual real GDP is above natural real GDP. B) the actual real GDP is below natural real GDP. C) nominal GDP is above real GDP. D) nominal GDP is below real GDP.