Because of the problem of scarcity, the choice to produce:
A. more of one good requires producing less of another good.
B. some of any good requires producing none of any other good.
C. more of every good is feasible.
D. less of one good requires producing more of every other good.
Answer: A
You might also like to view...
The figure above shows the marginal social cost curve of generating electricity and the marginal private cost curve. The marginal external cost when 200 billion kilowatt hours are produced is
A) 0¢ per kilowatt. B) 10¢ per kilowatt. C) 20¢ per kilowatt. D) 15¢ per kilowatt. E) 5¢ per kilowatt.
If all consumers are uninformed about the quality of a product
A) firms can increase product by selling the same product under a different name at a different price. B) firms will not be able to price discriminate. C) firms will price discriminate. D) firms will increase profits by charging different prices for the same product.
Which of the following is the primary cause of inflation?
a. an increase in the quantity of money b. an increase in government spending c. an increase in unemployment d. an increase in productivity
In the long run people come to expect whatever inflation rate the Fed chooses to produce, so unemployment returns to its natural rate
a. True b. False Indicate whether the statement is true or false