Fundamental economic problems basically arise from
A) the fact that society has more than it needs.
B) turmoil in the stock market.
C) the unequal distribution of income.
D) our wants exceeding our scarce resources.
D
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Which of the following can be considered as a cultural barrier to trade?
a. Prohibition on Zimbabwean aircrafts from flying over or landing in Canada b. Restriction on the export of luxury goods to the Democratic Peoples Republic of Korea from Canada c. An arms embargo imposed on China by the U.K. government d. Japanese law requiring a new retail firm to receive permission from other retailers in the area in order to open a business e. Restriction on the export of strategic goods to Ghana imposed by the government of U.K
When aggregate demand declines, some firms may reduce employment rather than wages because wage reductions may:
A. not be possible due to the minimum wage law. B. increase the cost of raising money capital. C. reduce the demands for their products. D. set off a price war.
Refer to the information provided in Figure 6.10 below to answer the question(s) that follow.
Figure 6.10Refer to Figure 6.10. The current price of a turkey sandwich is $8. If Kyle is currently buying seven turkey sandwiches a week, he ________ maximizing utility because the marginal utility ________ than its price.
A. is not; gained from the seventh sandwich is less B. is; from the seventh sandwich is greater C. is not; gained from the seventh sandwich is greater D. is; from the seventh sandwich is less
If India decides to enact environmental laws to reduce air pollution, what would be the effect on GDP?
A) GDP would decrease if the pollution controls reduce productivity by more than the cost of the controls. B) GDP would increase as the environmental costs of pollution were not included in the calculation of GDP. C) GDP would increase as the citizens of India were made happier as the air pollution was reduced. D) GDP would increase reflecting the fact that the air would be cleaner.