Michigan has an abundant supply of fresh water. However, an economist would consider it a scarce resource because
a. water is necessary for humans' physical survival
b. pollution will eventually destroy all life in the Great Lakes
c. water is limited relative to people's unlimited wants
d. water commands a very high price
e. nature can destroy water as well as create it
C
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Refer to Scenario 15.2. If the interest rate were 2%, Furry Software should
A) retool the offices. B) rewire the network. C) move to Southern California. D) be indifferent between retooling and rewiring. E) be indifferent between rewiring and moving.
The meaning of interdependence in a monopolistically competitive market is
A) that it is difficult for firms to get together to collude. B) that products produced by firms will be good substitutes. C) that firms will not take into account the reaction of rival firms. D) that price rigging commonly occurs.
What was the rate of growth of real GDP from 1960 to 2010?
a. 19% b. 81% c. 110% d. 376%
Bonds are preferred to stock by individual investors who
a. need to have immediate access to their money b. don't think the business is profitable c. prefer a guaranteed lower return to a risky higher return d. prefer a risky higher return to a guaranteed lower return e. prefer dividends to interest payments