There are not enough of four goods to satisfy the wants of people. For good A, this is true when the price is $100. This is true for good B at a price of $10, for good C at a price of $1, and for good D at a price of zero
Which situation reflects scarcity rather than shortage? A) A
B) B
C) C
D) D
D
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The U.S. employment-to-population ratio peaked in 2000 and in 2012 fell to 58 percent, a level not seen since the early 1980s. This fall in the employment-to-population ratio ________ the equilibrium quantity of labor and ________ potential GDP
A) increases; increases B) increases; decreases C) decreases; increases D) decreases; decreases
Total government revenues in the United States are about _____ percent of GDP
a. 25 b. 17 c. 45 d. 30
The observation that goods and services flow in one direction and money payments flow in another direction is the principle behind
A. the double coincidence of wants. B. a barter economy. C. the circular flow of income. D. a pure command economy.
You borrow $20,000 at an interest rate of 6% to open Candy Dan's, a gourmet sweet shop. You will earn an economic profit if the return on your investment is
A. between 0 and 6%. B. 6%. C. greater than 6%. D. only greater than 10%.