Scarcity exists because of:
a. the allocation of goods by prices
b. specialization and division of labor.
c. the market mechanism.
d. unlimited wants and limited resources.
d
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It has been observed in country X that with an increase in college enrollment over a period of six years, the demand for televisions has also increased
Would it be right to conclude that the increase in college enrollment has caused the increase in demand for televisions? Why or why not?
The internet auction site eBay is an example of a(n)
A) Sealed Bid Auction. B) Second-Price Auction. C) English Auction. D) Both A and B.
All of the following are true regarding the Foreign Corrupt Practices Act (FCPA) except which one?
A) Nearly all aspects of the FCPA are harsher than the U.K. Bribery Act. B) The FCPA applies to any company that is organized under the laws of the United States. C) The FCPA applies to any company whose stock is publically traded in the United States. D) It is a United States anti-corruption law prohibiting bribery of foreign officials.
One example of thinking at the margin is:
a) determining whether it is better to spend your savings on a new CD player or on a television b) deciding whether the benefit of working two extra hours per day is worth the sacrifice of study time c) putting all your money in a savings account because the interest rates are so high d) deciding to buy a car you don't really like because it is significantly less expensive than the one you want