Which of the following describes a problem created by scarcity?
A. The course you need to take in the fall is offered at times that conflict with your work schedule.
B. The White House eliminates tours due to budget constraints.
C. Your cell phone battery is low and you screen a phone call from afriend in case your significant other calls later.
D. All of these.
D. All of these.
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The Federal Reserve is a branch of the Treasury Department, and is therefore subject to significant government control
Indicate whether the statement is true or false
Explain the concept of a self-fulfilling prophecy
What will be an ideal response?
Abby maximizes utility by allocating time among leisure, market work, and nonmarket work so that the
a. total utility of each is equal b. average utility of each is equal c. total utility per hour of each is equal d. marginal utility per hour of each is equal e. maximum amount of goods and services can be acquired
Normal economic profit is zero. Zero economic profit means that all resources used by the firm earn their opportunity cost
Indicate whether the statement is true or false