Scarcity would cease to exist as an economic problem if:
a. we learned to cooperate and not compete with each other
b. there were new discoveries of an abundance of natural resources.
c. output per worker increased.
d. none of the above.
d
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A supply curve is defined as the relationship between
A) the price of a good and the quantity that producers are willing to sell. B) the income of consumers and the quantity of a product that producers are willing to sell. C) the income of consumers and the quantity of a product that consumers are willing to buy. D) the price of a good and the quantity that consumers are willing to buy.
As long as technology increases, economic growth is free
Indicate whether the statement is true or false
Making a loan is generally:
A. less risky and more potentially rewarding than buying stock. B. more risky and less potentially rewarding than buying stock. C. less risky and less potentially rewarding than buying stock. D. more risky and more potentially rewarding than buying stock.
When negative externalities like pollution exist, competition leads to:
a. a socially efficient outcome. b. too few goods being bought and sold. c. a market equilibrium price that is too high. d. more production than would be efficient.