Which of the following are scarce resources?
A. Space in a building
B. The time of a manager
C. Pharmaceuticals
D. all of the above
D. all of the above
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Net exports equals the balance of trade surplus
Indicate whether the statement is true or false
An increase in market demand will cause an increase in industry output in the long run because
a. new firms enter the industry. b. new firms enter the industry and all firms increase their output. c. all firms decrease their output but more new firms enter. d. no firms enter but the existing firms increase their output.
Exhibit 14-3 Impact of flights on house valueEach time Orville flies over Wilber's house, the noise reduces the value of Wilbur's house. The table shows the profits to Orville of each flight, and the value of Wilbur's house. Numberof flights Totalprofits Marginalprofits Value of Wilbur'shouse 1 $10,000 $10,000 $100,000 2 18,000 8,000 95,000 3 24,000 6,000 90,000 4 28,000 4,000 85,000 5 30,000 2,000 80,000 As shown in Exhibit 14-3, at the socially efficient number of flights, what will be the market value of Orville's house?
A. $100,000. B. $95,000. C. $90,000. D. $85,000.
To evaluate the size of the federal budget deficit or surplus over time, it would be best to look at the
A) absolute size of the budget deficit or surplus. B) budget deficit or surplus as a percentage of GDP. C) budget deficit or surplus as a percentage of tax revenues. D) budget deficit or surplus as a percentage of government spending.