Scarce resources give rise to the concept of
A. laissez-faire.
B. positive economics.
C. efficient markets.
D. opportunity costs.
Answer: D
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A shortage exists
A) in equilibrium. B) when quantity supplied is greater than quantity demanded. C) when quantity supplied is less than quantity demanded. D) at the market clearing price.
The primary cause of inflation is a. growth in the quantity of money. b. variability in relative prices
c. inter-bank lending. d. reduced velocity of money.
When the equilibrium dollar price of a foreign currency decreases due to changes in demand for or supply of the foreign currency, the domestic currency
A) has appreciated. B) has depreciated. C) is overvalued. D) is undervalued. E) is revalued.
To answer the question, refer to the following table showing a demand schedule: 
If price falls from $150 to $100, what is the elasticity of demand over this range?
A. -1.0 B. -2.5 C. -0.625 D. -3.0 E. -1.17