The fact that wants cannot be fully satisfied with available resources reflects the definition of
A) the what tradeoff.
B) scarcity.
C) the big tradeoff.
D) for whom to produce.
B
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Refer to Table 5.1. Andrea should specialize in the production of
A) bracelets. B) tiaras. C) both products. D) neither product.
State whether each of the following goods and services is nonrival, nonexcludable or both:
a. A toll road b. A public park c. A lighthouse d. An art museum e. A radio broadcast of "A Prairie Home Companion"
Government expenditures are considered autonomous in the model meaning that changes are the result of:
A) changes in real income. B) changes in inflation. C) changes in unemployment. D) changes in policy decisions.
Technological improvements are generally harmful to society because new machines replace human beings, causing increased unemployment.
Answer the following statement true (T) or false (F)