The reason people can't have everything they want is because
A) people are selfish.
B) scarcity exists.
C) there is not enough economic growth in the world.
D) none of the above
B
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Refer to Figure 19-7. Which of the following is true?
A) Indian exports to the United States are more expensive at exchange rates greater than $.02/rupee than at the equilibrium exchange rate. B) U.S. imports are more expensive at exchange rates greater than $.02/rupee than at the equilibrium exchange rate. C) To achieve an exchange rate greater than $.02/rupee, the Reserve Bank of India must buy surplus dollars with rupees. D) The rupee is overvalued at exchange rates less than $.02/rupee.
Describe the alternative methods of allocating scarce resources
What will be an ideal response?
If the price of automobiles were to decrease substantially, the demand curve for automobiles would most likely
A) shift rightward. B) shift leftward. C) remain unchanged. D) become steeper.
If the typical firm’s minimum average variable cost is $10 at an output of 50 units, if marginal cost is $20 at 70 units, and there are 1,000 firms in the industry, sketch supply curves for the typical firm and for the industry as a whole.
What will be an ideal response?