Which of the following is not an example of scarcity?
a. Only some people can afford to buy a BMW automobile.
b. Every individual in society cannot attain the highest standard of living to which he or she might aspire.
c. Miranda has more oranges in her orchard than she will ever use.
d. Each member of a household cannot get everything he or she wants.
c
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Politicians always agree with economists about the most efficient way of doing things.
Answer the following statement true (T) or false (F)
If the Fed sells $100 million of U.S. government securities, what happens to the quantity of money?
What will be an ideal response?
An expected value is the ________ average of ________ outcomes.
A) unweighted; the most likely B) weighted; all possible C) unweighted; all possible D) weighted; the most likely
Answer the following statements true (T) or false (F)
1. Command-and-control regulation is inflexible. It usually requires the same standard for all polluters, and often the same pollution-control technology as well. 2. If the pollution tax applies to every source of pollution, then no special favoritism or loopholes are created for politically well-connected producers. 3. Economists value a human life on the basis of studies of the value that people contribute to the economy of their nation. 4. No nation by itself can reduce emissions of carbon dioxide and other gases enough to solve the problem of global warming—not without the cooperation of other nations.