The Scarcity Principle states that:
A. society will eventually run out of resources.
B. some countries have fewer resources than others.
C. with limited resources, having more of one thing means having less of another.
D. people don't have enough money to buy what they want.
Answer: C
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Tastes for products such as beer differ. As a result
A) consumers of beer have difficulty deciding what type of imported beer to buy. B) the quality of imported beer is less than it could be. C) we see countries specializing completely in the production of beer. D) different countries may each have a comparative advantage in producing different types of beer.
"Supply curves are upward sloping" is a graphical way of saying
a. supply equals demand b. price and quantity supplied are inversely related c. price and quantity demanded are directly related d. price and quantity supplied are directly related e. price and quantity demanded are inversely related
Which of the following would lead to a positive supply shock?
a. An increase in the money supply. b. A decrease in taxes. c. The discovery of a more efficient production method. d. An increase in consumer confidence. e. An increase in energy prices.
When businesses are cutting back production, then it probably true that
a. total spending is greater than total output. b. total output is greater than total income. c. total spending is less than total output. d. inventory levels are decreasing.