Scarcity is imposed on individual households in the form of income and
a. limited production.
b. utility.
c. sunk costs.
d. the prices of the goods that a person may purchase.
Ans: d. the prices of the goods that a person may purchase.
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Table 3-2 Combination Cotton Corn A 12 16 B 17 15 C 21 13 D 23 9 E 24 5 ? The concept of opportunity cost can be represented graphically by the
A. area inside the production possibilities frontier. B. slope of the production possibilities frontier. C. vertical distance from the horizontal axis to the production possibilities frontier. D. horizontal distance from the vertical axis to the production possibilities frontier. E. sum of the horizontal and vertical distances to the production possibilities frontier.
Which types of unemployment still occur even when the economy is considered to be operating at full employment?
What will be an ideal response?
A lump-sum tax is a tax that
A) can be avoided by strategic behavior. B) does not depend on the actions of the economic agent being taxed. C) does not depend on the actions of the government. D) distorts economic decisions.
If the dollar appreciates, American consumers will buy more foreign goods and services
a. True b. False Indicate whether the statement is true or false