The necessity for choice, in economics, arises from
A. high incomes and many available goods.
B. scarcity of economic means for satisfying economic wants.
C. limited numbers of producers.
D. All of the responses are correct.
Answer: B
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The United States bans most imports from all of the following countries except
A) China. B) Cuba. C) North Korea. D) Iran.
Which one of the following is part of the official money supply in the United States?
a. Federal Reserve Notes. b. Gold bars. c. Common stock. d. Silver coins.
Perfect competition is characterized by numerous firms
a. True b. False Indicate whether the statement is true or false
Economists disagree on whether labor taxes cause small or large deadweight losses. This disagreement arises primarily because economists hold different views about
a. the size of labor taxes. b. the importance of labor taxes imposed by the federal government relative to the importance of labor taxes imposed by the various states. c. the elasticity of labor supply. d. the elasticity of labor demand.