The economic concept of scarcity refers to the fact that:
A. limited resources require economies to make choices among production alternatives.
B. income must be redistributed through taxation in order to address income disparity.
C. the United States will always have a battle to fight hunger.
D. resources are often wasted and shortages are often the result.
Answer: A
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It may be argued that Japan's explicit promotion of its microchip industry was an excellent example of successful industrial policy
What criteria would you apply to determine whether such a policy is or is not successful? Judging from your own stated criteria, was Japan's exercise successful? Why or why not? What information would a government require in order to increase the probability that its industrial policy would promote long term self-generated economic growth?
Movie theaters charge lower prices to children and senior citizens because
a. they feel sorry for them. b. they go to more movies, so they get price breaks. c. their elasticity of demand for movie tickets is higher. d. they have more time to attend movies.
A change in demand for milk is caused by a change in the price of milk
Indicate whether the statement is true or false
In the short run, expansionary fiscal policy usually will
A. increase real GDP and decrease the price level. B. decrease the price level and increase real GDP. C. increase both real GDP and the price level. D. decrease both real GDP and the price level.