The concept of scarcity as used by economists refers to:
a. a situation of excess supply.
b. a situation in which the available resources are not enough to satisfy the wants of the people at a zero price.
c. a situation in which an item is available only in very small quantities.
d. a situation in which an item is very expensive.
e. a situation in which a resource is nonrenewable.
b
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Which of the followings statements is true?
A) The amount of capital accumulation will be higher if the capital stock of last year was low. B) The amount of depreciation will be lower if the investment on capital last year was high. C) The amount of capital accumulation will be higher if the capital stock of last year was high. D) The amount of depreciation will be higher if the investment amount on capital last year was low.
What is meant by the term "inside lags"?
What will be an ideal response?
Based on the table, what is Barry's marginal benefit from the 40th slice of pizza?
A) $3 B) $5.50 C) $0.50 D) $12
A person’s decision to supply a certain amount of labor in a week is simultaneously a decision to consume a certain amount of leisure per week.
Answer the following statement true (T) or false (F)