For a good to be scarce, it must be something that
a. has economic value.
b. people find useful.
c. is available only in limited quantities.
d. All of these.
d. All of these.
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In the foreign exchange market, the supply curve of dollars is
A) vertical. B) downward sloping. C) identical to the demand curve for dollars. D) upward sloping. E) horizontal.
Property rights and a strong titling system are seen as important to economic development because they allow:
A. loans to be taken out against the equity of their assets, increasing investment. B. loans to be taken out without risk, increasing the quality, not quantity, of investment. C. savers to invest in property and capital. D. agencies with authority to verify titling to thrive in the economy.
If people anticipate higher inflation, but inflation remains the same then
a. the short-run Phillips curve would shift right and unemployment would rise. b. the short-run Phillips curve would shift right and unemployment would fall. c. the short-run Phillips curve would shift left and unemployment would rise. d. the short-run Phillips curve would shift left and unemployment would fall.
Which phrase finishes this statement best? The net effect of a union increasing wages
A. is to lower non-union wages by an offsetting amount so national income is not changed. B. is that no one gains in the end since union shops cannot compete and do not survive. C. is to misallocate labor toward non-union work unless unionization enhances union worker productivity by its actions. D. is to increase wages in both union and non-union sectors.