Provide three examples of scarcity that illustrate why even the 1,210 billionaires in the world face scarcity
What will be an ideal response?
The 1,210 billionaires might want to be able to eat unlimited meals without gaining weight; live to be at least 140 years old and enjoy perfect health everyday; be able to wake up in San Francisco and go to sleep in Paris after spending no more than 3 hours on a plane. None of these wants can be fulfilled given the present state of technology and resources available.
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Refer to the figure below. In response to gradually falling inflation, this economy will eventually move from its short-run equilibrium to its long-run equilibrium. Graphically, this would be seen as 
A. long-run aggregate supply shifting leftward B. Short-run aggregate supply shifting upward C. Short-run aggregate supply shifting downward D. Aggregate demand shifting leftward
The Federal Register
A) itemizes state and local government spending. B) is used to track immigration. C) publishes all the new federal regulatory rules. D) has decreased in size.
As it relates to international trade, dumping:
A. is a form of price discrimination illegal under U.S. antitrust laws. B. is the practice of selling goods in a foreign market at less than cost. C. constitutes a general case for permanent tariffs. D. is defined as selling more goods than allowed by an import quota.
In Figure 5.8, if the supply curve moves from S2 to S4,
A. the firm will make a smaller economic profit than they used to. B. the firm will go from making an economic profit to a loss but one that is not big enough to make it want to shutdown. C. the firm will go from making an economic profit to a loss that is big enough to make it want to shutdown. D. the firm will go from making an economic profit to a normal profit.