Scarcity refers to
A. the ability of society to consume all that it produces.
B. a shortage in a good or service.
C. the inability of society to satisfy all human wants because of limited resources.
D. the inability of an individual to purchase a good or service due to her limited income.
Answer: C
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In the scenario above, the market is
A) a natural duopoly. B) a natural oligopoly with three firms. C) a natural monopoly. D) monopolistically competitive.
Stock options do not eliminate the principal-agent problem entirely for each of the following reasons except which one?
A) A company's profit depends on the actions of all employees. B) A company's stock prices fluctuate for reasons not directly related to a company's profit. C) A company's stock price rarely changes. D) A company's executive does not have unlimited control over all employees and their actions.
The most volatile GDP category under the expenditure approach is: a. wages and salaries
b. investment. c. consumption. d. government purchases.
When the marginal tax rate equals the average tax rate, the tax is
a. proportional. b. progressive. c. regressive. d. egalitarian.