Scarcity always exists because
a. machines and people are inefficient.
b. changes have occurred in global weather patterns.
c. our needs and wants are not limited, but our resources are limited.
d. there are more poor people than rich people.
Ans: c. our needs and wants are not limited, but our resources are limited.
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Economists distinguish a "normal" good from an "inferior" good by focusing on
A) how a change in income effects the demand for that good. B) the good's quality. C) the good's durability. D) the good's desirability. E) all of the above.
Rate of return regulation is most similar to
A) a marginal cost pricing rule. B) an average cost pricing rule. C) an average variable cost pricing rule. D) an inflation cost pricing rule.
If price elasticity is less than one, then demand is said to be inelastic
Indicate whether the statement is true or false
Labor-saving technological advances increase the marginal productivity of labor
a. True b. False Indicate whether the statement is true or false