Resources are
A) unlimited.
B) able to be replicated in large quantities.
C) what people would buy if their income was unlimited.
D) used to produce goods and services to satisfy people's wants.
D
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The cyclically adjusted budget is calculated at potential GDP
Indicate whether the statement is true or false
In a Cournot oligopoly, if the demand curve is not linear, the firms' best-response curves ________ be downward sloping and ________ be linear.
A) will not; will not B) will; will C) will; will not D) will not; will
Rent seeking
a. often entails large opportunity costs. b. prevents waste of resources. c. often promotes fairness in distribution of resources. d. cannot occur in a planned economy.
Which of the following phenomena shows that risk aversion is the characteristic of many people?
A. The popularity of high-stakes poker tournaments B. Homeowners insurance C. Investing in one stock rather than a portfolio D. Horse-race betting