Scarcity can be eliminated if:
a. people satisfy needs rather than wants.
b. sufficient new resources were discovered.
c. output of goods and services were increased.
d. none of these.
d
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The fact that supermarkets, a land-intensive form of organization, have become the dominant form of grocery store in the United States suggests that there is little or no potential for input substitution in the grocery store business
Indicate whether the statement is true or false
Which of the following statements is true?
a. b and d. b. Total revenue is maximized when elasticity is one. c. Goods are said to be price inelastic when the elasticity is greater than two. d. Demand for milk is more elastic than demand for football tickets. e. Demand for 5-cent candy is more elastic than demand for sweaters.
Which of the following factors prevents economists from comparing prices over different time periods?
a. Changes in the political and economic scenarios in a particular country b. Changes in consumer earnings c. Changes in the quality and characteristics of different products d. Changes in consumer tastes and preferences
To achieve large and lasting increases in output,
A. The production possibilities curve must shift inward. B. The production possibilities curve must shift outward. C. We must move to a point slightly below the production possibilities curve. D. We must move to a point along the production possibilities curve.