Which of the following is NOT a scarce resource?
A) Gold
B) Pollution
C) Petroleum
D) iPhones
B
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When the supply of a good decreases and the demand for the good remains unchanged, consumer surplus
a. decreases. b. is unchanged. c. increases. d. may increase, decrease, or remain unchanged.
A merger may cause movement upward along the demand curve.
Answer the following statement true (T) or false (F)
A lower domestic price level should
A. decrease real wealth and consumption. B. increase net exports. C. decrease desired investment. D. none of these.
For negotiations to eliminate an externality to be successful
A. one person must be willing to benefit by less than the cost of the externality. B. one person must benefit by double the cost of the externality. C. both parties must agree on a mutually beneficial trade. D. both parties must have property rights.