Because of scarcity, rationing is
A) unimportant because people get what they want.
B) necessary because people cannot get everything they want.
C) unimportant because prices clear markets.
D) not a problem because governments can determine what everybody wants.
B
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Sugar and honey are viewed as substitutes for each other in many cooking applications. If the price of sugar rises, we would expect
a. the demand for honey to increase
b. the demand for honey to decrease
c. the quantity demanded of honey to decrease
d. the price of honey to decrease
e. the quantity demanded of honey to increase
The laws governing patents and copyrights
a. eliminate the need for firms to engage in research and development. b. are intended to serve private interests, not the public's interest. c. reduce fixed costs for firms that obtain them. d. None of the above is correct.
You are given the following gamble: behind one door is $500; behind another is $100; behind another is $0. What is the expected value of the gamble?
A. $200 B. $300 C. $600 D. We need more information in order to answer
Why does an economist create a market demand curve?
(A) To show how various conditions can change the demand for a good. (B) To learn what demands the market will make under unusual conditions. (C) To have an idea of how a market would change if conditions in an area changed. (D) To predict how people will change their buying habits when prices change.