The idea that because of scarcity, producing more of one good or service means producing less of another good or service refers to the economic concept of
A) trade-off. B) equity. C) efficiency. D) optimization.
A
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"Beaten paths" in the context of labor migration are:
A. Routes taken previously by family, relatives, and friends B. Routes that have been "over used" by previous immigrants C. Routes that are no longer followed by immigrants D. Typical methods used to increase human capital
The existence of scarcity in economics comes from
A) resources being limited in supply. B) people being stupid. C) governments being corrupt. D) the rich controlling most resources.
Can the Fed manage the federal funds rate?
a. No. It's the rate determined by banks that lend and borrow from each other b. No. It's the rate determined by government c. Yes. They do so by engaging in open market operations d. Yes. They do so by manipulating the discount rate e. Yes. They do so by manipulating the legal reserve requirement
There will be a surplus of a product when:
A. consumers want to buy less than producers offer for sale. B. price is below the equilibrium level. C. the demand and supply curves fail to intersect. D. the supply curve is downward sloping and the demand curve is upward sloping.