Trade-offs arising from limited resources give rise to:
a. rational self-interest
b. opportunity costs
c. unlimited wants
d. scarce resources
b. opportunity costs
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Barriers to entry are forces that:
A. promote a more efficient allocation of resources across the economy. B. limit the government from intervening in markets. C. limit consumers from purchasing new products. D. limit new firms from joining an industry.
Scarcity is a situation in which
A) people cannot satisfy all their wants. B) most people can get only bare necessities. C) people can satisfy all their wants. D) some people can get all they want and some cannot.
In general, it is common for goods with ________ to be auctioned
A) low prices B) relatively few buyers C) a large number of buyers D) a large number of sellers
The line that shows the connection between inflation and unemployment in the short run is called the:
A. Phillips Curve. B. inflation-employment trade-off. C. price-work curve. D. aggregate supply