When economists say goods are scarce, they mean:
a. consumers are too poor to afford the goods and services available.
b. consumers are unwilling to buy goods unless they have very low prices.
c. goods are generally freely available from nature in most countries.
d. the desire for goods and services exceeds our ability to produce them with the limited resources available.
d
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When it comes to pollution problems, the polluter and the victim can bargain to arrive at an outcome that benefits both parties
Indicate whether the statement is true or false
Fiat money is money
a. that has little intrinsic value and is not backed by a commodity. b. that is not included as part of the M1 money supply. c. that is backed by gold or silver held on reserve by the government. d. such as coins that are made from metal.
The fact that output gaps will not last indefinitely, but will be closed by rising or falling inflation is the economy's:
A. income-expenditure multiplier. B. self-correcting property. C. short-run equilibrium property. D. long-run equilibrium property.
The effect of labor unions on overall unemployment is _________________ since only a _______________ percentage of the labor force outside the government is unionized.
What will be an ideal response?