Scarcity is:
a. only a problem in modern industrialized economies
b. only a problem in impoverished economies.
c. only a problem in centrally planned economies.
d. a problem that necessitates making choices and tradeoffs.
d
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Before the DVD, the VCR was a popular format for taping and replaying video. When the DVD was introduced, which of the following most accurately describes the long-run adjustment process in the VCR industry?
A) Costs increased, price increased, demand decreased, quantity decreased, profit decreased. B) Demand increased, costs increased, price increased, quantity increased, profit decreased. C) Demand decreased, quantity decreased, price decreased, profit decreased. D) Demand decreased, price decreased, quantity decreased, profit decreased.
When the social cost of production is greater than the private cost, we have a
a. positive externality b. negative externality c. public good d. private good e. positive spillover
When calculating gross domestic product (GDP), double counting can be avoided by: a. taxing corporate income
b. adding all income taxes to GDP. c. calculating GDP using the income as well as the expenditure method. d. adding the value of exports to GDP and subtracting the value of imports. e. summing the value added at each stage of production.
Which of the following refers to extremely high rates of inflation for sustained periods of time?
a. deflation b. hyperinflation c. bust d. depression