Which of the following statements about scarcity is true?
A) Scarcity is not a problem for the wealthy.
B) Scarcity is only a problem when a country has too large a population.
C) Scarcity refers to the situation in which unlimited wants exceed limited resources.
D) Scarcity only arises when there is a wide disparity in income distribution.
C
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The components of aggregate expenditure that are not influenced by GDP are known as
A) fixed expenditure. B) induced expenditure. C) planned expenditure. D) unplanned expenditure. E) autonomous expenditure.
All of the following were provisions of the 2009 American Reinvestment and Recovery Act except
A) a temporary extension of unemployment benefits. B) expanded tax credits for parents for their children's college tuition. C) a reduction in government-funded infrastructure spending. D) a reduction in employees' payroll tax contributions.
The equilibrium wage will definitely rise if:
a) Both the supply of labor and the demand for labor increase. b) Demand for labor increases and the supply of labor is constant. c) Demand for labor decreases and the supply of labor is constant. d) Supply of labor increases and the demand for labor is constant.
Advertising is used by firms in a monopolistic competitive industry to
A) differentiate their product from those of competitors. B) increase brand loyalty. C) increase demands for their individual products. D) all of the above.