Scarcity is:
A. a fact of life because of limited resources.
B. can be eliminated by rational decision making.
C. not a problem for Bill Gates because he is a billionaire.
D. is a problem studied in microeconomics but is not a macroeconomic concern.
Answer: A
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Holding supply constant, an increase in demand leads to
A) lower prices and higher quantity supplied. B) lower prices and lower quantity supplied. C) higher prices and higher quantity supplied. D) higher prices and lower quantity supplied.
Can the U.S. federal government go broke as a result of a large national debt?
Three basic decisions must be made by all economies. What are they?
What will be an ideal response?
Based on the graph showing how the subprime share of home mortgages grew rapidly before the big decline, the share of subprime loans began its steepest climb ______.
a. about the same time adjustable mortgage rates bottomed-out
b. about three years after adjustable mortgage rates bottomed-out
c. about three years before adjustable mortgage rates bottomed-out
d. about the same time adjustable mortgage rates began to decrease