Natural resources are
a. not considered scarce because no one pays for them
b. only desired for use in producing other goods
c. included in the category of resources called gifts of nature
d. available in unlimited quantities
e. not considered scarce because they are not produced by society
C
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Based on the figure below. An economy in short-run equilibrium at point A has a(n) ________ gap. The gap could be eliminated by the self-correcting mechanism of the economy and eventually achieve long-run equilibrium at point ________ or the central bank could intervene with monetary easing establishing the long-run equilibrium at point ________. 
A. recessionary; B; C B. expansionary; B; C C. expansionary; C; B D. recessionary; C; B
If you know the cross elasticity between two goods is negative, then you know the goods are
A) substitutes. B) normal goods. C) complements. D) inferior goods. E) inelastic goods.
The elements of an effective legal system include ________
A) strict limits on the ability of judges to interpret law B) a temperate climate C) a large body of legislators D) an adequate supply of lawyers
As is shown by the example of college dropout Bill Gates, more education does generally not pay off
a. True b. False