To say that something is scarce means that:
a. it is no longer available in stores.
b. it must be conserved at any cost.
c. even the government cannot supply it.
d. sufficient amounts of it available only at a zero price.
e. not enough is available to satisfy people's wants at a zero price.
e
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Jeep Cherokees are a normal good. If people's incomes increase, the direct result will be
A) an increase in the supply of the vehicles. B) a decrease in the demand for the vehicles. C) an increase in the demand for the vehicles. D) Both answers A and C are correct.
The table above gives Jane's total utility from magazines and CDs. What is the marginal utility of the sixth CD?
A) 150 units B) 100 units C) 50 units D) 5 units
An externality arises when a person engages in an activity that influences the well-being of
a. buyers in the market for that activity and yet neither pays nor receives any compensation for that effect. b. sellers in the market for that activity and yet neither pays nor receives any compensation for that effect. c. bystanders in the market for that activity and yet neither pays nor receives any compensation for that effect. d. Both (a) and (b) are correct.
The amount of government spending on education per public school student has ________ since 1960, and the achievement level of students has generally ________ since that time
A) increased; increased B) decreased; decreased C) increased; decreased D) decreased; increased