The problem of economic scarcity applies
A) only in industrially developed countries because resources are scarce.
B) only in underdeveloped countries because there are no productive resources.
C) only in economic systems that are just beginning to develop because specialized
resources are scarce.
D) to all economic systems, regardless of their level of development.
D) to all economic systems, regardless of their level of development.
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If the current interest rate increases,
a. the money demand curve shifts downward and the money supply curve remains unchanged. b. the money demand curve shifts upward and the money supply curve remains unchanged. c. there is a movement along the money demand curve and the money supply curve increases. d. there is a movement along the money demand curve and the money supply curve remains unchanged.
A decrease in the price of a commodity results in a(n)
a. decrease in supply b. decrease in quantity demanded c. increase in demand d. decrease in quantity supplied e. increase in supply
As we move down and to the right along an indifference curve, the marginal rate of substitution:
A. increases. B. decreases. C. remains constant. D. increases, then decreases.
Which statement is true about advertising?
A. If you are a tomato grower you will make more profit by advertising widely. B. Advertising is most useful if it is spent on new products of good quality. C. It is best to spend advertising money on the products with the lowest quality and lowest consumer demand. D. If John Kenneth Galbraith's "revised sequence" is correct, advertising is a waste of money.