Every society must deal with the problem of scarcity because:
a. people do not have enough money to buy everything they need.
b. government levies heavy taxes on households and firms.
c. human beings become satiated as consumption increases.
d. human wants are nearly unlimited relative to the availability of resources.
e. productive resources, technology, and labor are unlimited.
d
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The idea of interchangeable parts, which was an important aspect of the American System of Manufacturing, is attributed by Hughes and Cain (2011) to
(a) Henry Ford, who used it in the production of automobiles. (b) Adam Smith, who suggested it in his book The Wealth of Nations. (c) Thomas Jefferson, who used it in his "nailery" on his plantation. (d) Eli Whitney, who used it in the production of guns.
Which of the following central bank policies will raise the money supply?
a. Raising the discount rate. b. Buying government securities. c. Selling foreign currency in the foreign exchange market. d. Raising the reserve ratio. e. None of the above.
Refer to Figure 6.8. If your city imposes a tax of $100 per apartment, the new monthly rent consumers pay is:
A. $460. B. $500. C. $560. D. $600.
Sam has $200 a month to spend on either tanning sessions or rounds of golf. Tanning sessions are $20 each, and a round of golf is $50. A point on Sam's budget constraint would be:
A. 20 tanning sessions and 8 rounds of golf. B. 10 tanning sessions and 5 rounds of golf. C. 10 tanning sessions and 2 rounds of golf. D. 10 tanning sessions and 4 rounds of golf.