Society must make choices because:
a. natural resources are renewable.
b. resources are scarce.
c. human desire has limits.
d. resources are abundant.
Answer: b. resources are scarce.
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The short run is a period of time in which
A) the quantity of at least one factor of production is fixed. B) the amount of output is fixed. C) prices and wages are fixed. D) nothing the firm does can be altered.
In the ordered pair (10,30), 10 is the y-coordinate and 30 is the z-coordinate
a. True b. False Indicate whether the statement is true or false
The firm will shut down in the short run if
A. the price falls below its minimum AVC. B. P = MC. C. the market price rises unexpectedly. D. P = ATC at its minimum.
The aggregate demand curve shows the
A) total amount of nominal goods that the participants in the economy want to purchase. B) amount of goods producers will produce as production costs fall. C) total amount of real goods that foreigners want to purchase. D) total amount of planned expenditures on goods and services at each possible price level.