The following condition describes the economic term “scarcity”:
a. The number of rental cars available at the airport
b. The quality of the air that we breathe
c. The time it takes to learn a new skill
d. Global oil reserves are limited.
Answer: d. Global oil reserves are limited.
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The Lost Decade refers to the years between approximately
A) 1975 and 1985. B) 1980 and 1990. C) 1987 and 1997. D) 1972 and 1980. E) 1960 and 1970.
The cross-price elasticity of demand for coffee and tea is likely to be
A) greater than zero. B) less than zero. C) zero. D) infinity.
When nations specialize in their areas of comparative advantage and then trade with the rest of the world, the result is that
A) the average standard of living in the world will go down. B) the average standard of living in the world will go up. C) the world will move from a point on the production possibilities curve to a point inside the curve. D) worldwide economic efficiency will decrease.
Voluntarism as an approach to environmental problems
a. has no place at all in solving the problems. b. is quite successful in reducing pollution. c. is more effective than first meets the eye. d. often has proved weak and unreliable.