The nominal money supply fell faster in 1929–32 than did prices
Indicate whether the statement is true or false
False
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To economists, scarcity means that
A) the number of people without jobs rises when economic times are bad. B) unlimited wants cannot be satisfied by the limited resources. C) limited wants cannot be satisfied by the unlimited resources. D) there can never be answers to the what, how or for whom questions. E) a person looking for work is not able to find work.
In the 1970s the international price of crude oil rocketed because:
a. the demand for crude oil fell short of its supply. b. a new source of natural gas was discovered. c. the demand for automobiles increased drastically. d. the supply of oil was restricted by the oil exporting countries. e. of the appreciation of dollar in the international market.
Congested non-toll roads is an example of a _____
a. merit good b. club good c. common resource d. nonrenewable resource
Comparative advantage refers to the ability to produce output with fewer resources than any other country.
Answer the following statement true (T) or false (F)