Every economy must ration goods in some way because of
a. overpopulation.
b. poorly-performing markets.
c. the income gap between rich and poor.
d. scarcity.
D
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Explain the concept of purchasing power parity
What will be an ideal response?
Incumbents are unaffected by fixed costs of entry while potential entrants are affected by them because
A) for potential entrants the cost is avoidable, while for the incumbent, it is not. B) fixed costs will be greater for the potential entrant than for the incumbent. C) fixed costs are zero for the incumbent. D) incumbents will act to prevent entry at all costs.
During the financial crisis of 2008, which company did not receive a loan from the Fed?
a. J. P. Morgan b. General Electric c. American International Group d. Bank of America
An economy has two workers, Jen and Rich. Every day they work, Jen can produce 2 TVs or 10 radios, and Rich can produce 4 TVs or 12 radios. To maximize total output, Jen should specialize in producing ________ while Rich should specialize in producing ________.
A. TVs; radios B. radios; both goods C. radios; TVs D. TVs; TVs