A recurring theme in economics is that people
A. can increase resources by limiting their economic wants.
B. have unlimited resources but limited economic wants.
C. have unlimited economic wants but limited resources.
D. have limited economic wants and limited resources.
Answer: C
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Cyclical unemployment is the result of
A) the search process of matching workers with jobs. B) a slowdown in the economy. C) a persistent mismatch between the skills and characteristics of workers and the requirements of the jobs. D) the ups and downs in inflation.
When government inefficiencies exist and government officials can be bribed, then
A) dead capital will not exist. B) the country will have positive economic growth. C) a bribe will increase the cost of investing in capital. D) property rights will be more secure since an official has been bribed to grant ownership to the business.
For markets operating at quantities lower than the equilibrium quantity produced in an equivalent perfectly competitive market:
A. consumer surplus is always increased. B. total surplus for society is reduced. C. the outcome is efficient. D. total surplus is increased.
If the price level in an economy turns out to be higher than that expected by workers and firms, _____.
Fill in the blank(s) with the appropriate word(s).