Scarcity results when available resources cannot satisfy all desired uses of those resources.
Answer the following statement true (T) or false (F)
True
Wants exceed resources.
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If Turkey wants to promote faster economic growth, it will need to
A) promote government intervention to help markets determine incentives. B) restrict property rights so that individuals can better share inventions. C) promote incentive systems to encourage saving, research and development, increased trade and improved education. D) restrict economic freedom so the government has better control of markets. E) restrict international trade to protects its own workers.
U.S. producers decide to produce more compact cars and fewer SUVs as the price of gasoline rises. Producers are answering the ________ part of one of the two big economic questions
A) "what" B) "how" C) "when" D) "how many"
In the table above, the deadweight loss is zero when ________ umbrellas are produced and sold
A) 20 B) 40 C) 60 D) 80
If the marginal social benefit of consuming a product exceeds the marginal social cost of producing it, social welfare is
a. increased by reducing output b. decreased by expanding output c. unchanged by expanding or reducing output d. increased by expanding output e. maximized