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
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%.
Total government revenues in the United States are about _____ percent of GDP
a. 25 b. 17 c. 45 d. 30