Scarcity exists because
A. there is a temporary disruption in the market supply.
B. there are not enough resources available to produce all the goods that people want.
C. there is a shortage of goods caused by a natural disaster.
D. there is a shortage of labor throughout the world.
Answer: B
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Bridge Coal Company is the only employer in a remote and mountainous region of the country, so the firm is the monopsony buyer of labor in the market. If the price of coal increases, then the firm's:
A) ME curve shifts leftward. B) AE curve shifts rightward. C) ME and AE curves shift rightward. D) MV curve shifts rightward.
Appreciation is the term used to describe
a. the conversion of one currency into another currency in the free market b. a reduction in the official value of a currency. c. the upward movement of currencies in a free market. d. an increase in the official value of a currency.
The distinction between purchase price and rental price applies to which factor(s) of production?
a. land only b. capital only c. land and capital only d. land, capital, and labor
Which one of these countries has not adopted the euro?
A. Germany B. France C. Italy D. England