The existence of a universal law of scarcity creates pressures on societies to
a. use their resources according to government plans.
b. economize in the use of their resources.
c. allocate their resources equitably.
d. exploit their resources.
b
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Services can be thought of as
A) unvalued goods. B) unwanted goods. C) free goods. D) intangible goods.
Doctors demand large salaries in part because
A. they are forbidden by U.S. law from receiving economic rent. B. most doctors have backward-bending labor supply curves. C. they participate in the secondary labor market. D. they have made significant investments in human capital.
The case for ________ is based on the theory of comparative advantage.
A. export subsidies B. free trade C. tariffs D. quotas
The credit derivative that, for a fee, gives the purchaser the right to receive profits that are tied either to the price of an underlying security or to an interest rate is called a
A) credit option. B) credit swap. C) credit-linked note. D) credit default swap.