Fred Monroe is a fisherman in the perfectly competitive fish industry in northern Minnesota. After years of experience, he knows that the demand curve for the fish he sells is
a. horizontal
b. vertical
c. downward sloping
d. the same as the industry demand
e. upward sloping
A
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Scarcity results from the fact that
A) people's wants exceed the resources available to satisfy them. B) not all goals are desirable. C) we cannot answer the major economic questions. D) choices made in self-interest are not always in the social interest. E) the population keeps growing.
An Internet start-up company consists of three people with an idea that they wish to use in pursuing a patent for a product. What type of capital does this company have and what is its value?
What will be an ideal response?
If society decides it wants more of one good and all resources are fully utilized, then
A) additional resource supplies will have to be found. B) it is unable to do this unless technology advances. C) it has to give up some of another good and incur some opportunity costs. D) more unemployment will occur.
If one country's wage level is very high relative to the other's (the relative wage exceeding the relative productivity ratios), then if they both use the same currency
A) neither country has a comparative advantage. B) only the low wage country has a comparative advantage. C) only the high wage country has a comparative advantage. D) consumers will still find trade worth while from their perspective. E) it is possible that both will enjoy the conventional gains from trade.