When a state government chooses to build more roads, the resources used are no longer available for public education programs. This dilemma illustrates the concept of
A. unintended consequences.
B. scarcity.
C. production expenses.
D. unemployment issues.
Answer: B
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To state that the resources of the economy are finite implies that
a. we cannot live without them b. we always want more of them c. they are nonrenewable d. at least some of them are renewable e. there is a fixed quantity of them at any point in time
The graph above shows a monopolistic competitor
A. in the short run taking a loss.
B. in the short run making a profit.
C. in the long run breaking even.
D. in the long run taking a loss.
Which of the following could best be categorized as a public good?
A) an apartment in a public housing project B) a pumpkin pie C) public fireworks D) a race track
Since a monopolistically competitive firm has a monopoly over the particular product it produces, the firm is guaranteed a profit in the long run.
Answer the following statement true (T) or false (F)