Scarcity implies that people must
A. make choices.
B. be selfish.
C. earn as much as income as they are able to.
D. be irrational.
Answer: A
You might also like to view...
If the cross elasticity of demand between goods A and B is positive
A) the demands for A and B are both price elastic. B) the demands for A and B are both price inelastic. C) A and B are complements. D) A and B are substitutes.
Why did railroads come under government regulation?
(a) Disgruntled shippers and travelers raised an outcry about the routes of railroads. (b) Some people effectively argued that railroads were charging "unfair" rates. (c) The railroad industry was too competitive, thus driving rates below those necessary to ensure normal profits for railroad companies. (d) All of the above are correct.
If at a given exchange rate U.S. citizens wanted to buy more foreign bonds
a. the demand for dollars in the market for foreign-currency exchange would shift right. b. the demand for dollars in the market for foreign-currency exchange would shift left. c. the supply of dollars in the market for foreign-currency exchange shifts right. d. the supply of dollars in the market for foreign-currency exchange shifts left.
Suppose the stock market rises, causing a rapid increase in consumers’ wealth. This would lead to
A. a downward movement along the consumption function. B. a downward shift of the consumption function. C. an upward movement along the consumption function. D. an upward shift of the consumption function.