Which of the following is true of scarcity?
a. It applies to raw materials; manufactured goods are not scarce.
b. It affects all countries except the United States and Canada.
c. It affects only poor nations.
d. It is a basic problem of economics that affects all nations.
d. It is a basic problem of economics that affects all nations.
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According to this Application, some economists noticed that the U.S. dollar ________ largely because monetary policy in the United States had driven interest rates ________
A) depreciated; up B) appreciated; up C) appreciated; down D) depreciated; down
Inflation tax is
A) the sales tax. B) a tax on nominal goods. C) a special tax introduced in the 1970s to fight inflation. D) the revenue from seigniorage.
The long-run aggregate supply curve is:
A. vertical. B. horizontal. C. upward sloping. D. downward sloping.
Refer to the above supply and demand graph for a public good. Which one of the following statements is correct?
A. There will be an overallocation of resources at output level Q1. B. The supply curve reflects the marginal cost and the demand curve reflects the marginal benefit of this public good. C. There will be an underallocation of resources at output level Q3. D. The demand curve reflects the marginal cost and the supply curve reflects the marginal benefit of this public good.