In economics, scarcity means that
A. Society's desires exceed resources available.
B. The market mechanism has failed.
C. A production possibilities curve cannot accurately represent the trade-off between two goods.
D. A shortage of a particular good will cause the price to fall.
Answer: A
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Because people prefer name-brand pain-relieving drugs over store-brand pain-relieving drugs, demand curves do not slope downward for pain-relieving drugs
Indicate whether the statement is true or false
As other firms enter a monopoly's market, the demand curve a monopoly faces
A) is unaffected. B) becomes more inelastic. C) becomes more elastic. D) may become more or less elastic, depending on its Lerner Index.
Is it possible to have economic growth with no opportunity cost? a. Yes, economic growth requires no current sacrifices-only the passage of time
b. No, but economic growth is always worth whatever sacrifice is required. c. No, because growth depletes the stock of knowledge so that more growth today means less growth tomorrow. d. No, because growth requires the sacrifice of consumption goods in order to invest in such things as capital formation and research and development.
If your broker tells you that a trust to which you are a beneficiary has changed, and instead of getting $5000 per year starting next year, you will be getting $6000 per year, but it will be starting the year after next, the present value to you has
A. might have either fallen or risen, depending on the interest rate. B. remained unchanged. C. fallen. D. risen.