To be considered scarce, an economic resource must beba I. free. II. limited. III. desirable.
a. I, II, and III
b. I only
c. II and III
d. II only
c. II and III
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Product differentiation involves making a product that is
A) slightly different from the products of competing firms. B) no different than the products of competing firms. C) very different from the products of competing firms. D) completely different from the products of competing firms. E) cheaper than the products of competing firms.
Automobile manufacturers view the assembly-line workers as
A) capital services. B) labor services. C) materials. D) None of above.
As the interest rate increases, consumers will tend to increase their amount of saving due to
a. increased profit b. their greater reliance on borrowing c. the lower opportunity cost of current consumption d. diminishing marginal utility e. the higher opportunity cost of current consumption
Which statement is true?
A. There was brief depression in the early 1920s. B. Between 1921 and 1929 national output tripled. C. The automobile market was completely saturated by 1921 and sales remained low for the rest of the decade. D. None of these statements are true.