Scarcity:
a. ensures that people become satisfied with less than what they want.
b. exists only during a recession.
c. exists only in some countries.
d. affects only poor people.
e. requires people to make choices to satisfy their wants.
e
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A country opens up to trade and exports computer chips. In the computer chip market, surplus has been redistributed from
A) consumers to producers. B) producers to consumers. C) producers to government. D) government to consumers.
If a firm used a combination of inputs that was to the left of its isocost line, it would indicate that
A) it is exceeding its budget. B) it is not spending all of its budget. C) it is operating at its optimal point because it is saving money. D) None of the above
Refer to the figure above. A change in the budget constraint from B2 to B3 indicates:
A) a decrease in the price of jeans. B) a decrease in the price of sweaters. C) an increase in the consumer's income. D) a decrease in the consumer's income.
The figure above shows Sally's budget line and one of her indifference curves. At point a, Sally's marginal rate of substitution is ________
A) 1/4 B) 4 C) 10 D) 40