Scarcity:
a. is only a problem in communist countries
b. is a problem in both communist and socialist countries, but not in market economies.
c. does not exist in wealthy countries.
d. will never be eradicated because humans develop new wants as productive capabilities improve.
d
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Dairy price supports have the effect of _____
a. decreasing the value of farmland b. increasing the value of farmland c. destroying farmland d. increasing consumption of dairy products
Which of the following events will cause a leftward shift in the supply curve of gasoline?
A) A decrease in the price of gasoline B) An increase in the wage rate of refinery workers C) Decrease in the price of crude oil D) An improvement in oil refining technology E) all of the above
Microeconomic topics do not usually include: a. the impact of large government budget deficits on private investment spending. b. the determinants of the supply of wheat by farmers
c. the determinants of the demand for DVD players by consumers. d. the impact of a change in the price of leather used to manufacture shoes.
The total consumer surplus for good X can be calculated in all except one of the following ways. Which is the exception?
A) the sum, for all buyers of X, of the difference between what each buyer is willing to pay for X and the amount actually paid B) the area bounded by the demand curve for X and the two axes C) the sum of the individual consumer surpluses for all buyers of X D) the area below the demand curve for X and above the price of X