Scarcity can be measured only through the use of monetary costs.
Answer the following statement true (T) or false (F)
False
You might also like to view...
If society wants aggregate demand to increase without changes in the price level, then there must be
A) an increase in autonomous spending combined with an increase in the marginal propensity to save. B) a gap between full employment and the current level of real GDP and an increase in autonomous spending. C) an increase in autonomous saving so that autonomous investment spending can increase. D) an increase in autonomous spending and a horizontal short-run aggregate supply curve.
If a technological change reduced the amount of the variable input needed by a firm to produce a unit of output:
a. its AVC curve would shift down. b. its ATC curve would shift down. c. its MC curve would shift down. d. All of the above would occur.
Which of the following pairs is the most likely to exhibit an inverse relationship?
a. The price of a concert and the number of tickets people purchase. b. Baseball players' salaries and their batting averages. c. People's annual income and their expenditure on personal computers. d. The amount of time you study and your grade point average.
With respect to environmental issues, the GATT:
a. does not allow countries to adopt environmental laws that affect imports. b. allows countries to adopt environmental laws that affect domestic production but not imports. c. allows countries to adopt environmental laws that are applied uniformly against domestic producers and imports. d. allows countries to adopt more stringent laws affecting imports than domestic producers.