Which of the following statement(s) best describes scarcity?
a. Even if the budget constraint or a PPF shifts, scarcity remains—just at a different level.
b. If the budget constraint shifts, scarcity disappears.
c. If a PPF shifts, scarcity disappears.
d. Scarcity is not dependent on the budget constraint or a PPF shift.
a. Even if the budget constraint or a PPF shifts, scarcity remains—just at a different level.
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The figure above provides information for a factory that produces chemicals that pollute a waterway. The waterway is used by water skiers. The efficient quantity of chemicals to produce is ________ tons of chemicals a week
A) 1 ton B) as many tons as possible C) 3 tons D) 5 tons
If there is an increase in the price of oil and the Fed wishes to maintain price stability, what should it do?
a. Do nothing, because the self-correcting mechanism will adjust the economy b. Sell bonds in the open market c. Wait, because the price level seldom changes when there is an increase in the price of oil d. Encourage firms to not adjust the wages they pay e. Buy bonds in the open market
The typical welfare family would be
A. A single woman with 6 or 8 children. B. A single woman with 1 or 2 children. C. A couple about 70-80 years old. D. A childless male in his 30s or 40s.
The degree of wage stickiness in the real world:
A. is controversial, even among economists. B. is agreed upon by economists as a concept, but controversial in how it's measured. C. is agreed upon by economists, but not accepted by others, like policymakers. D. has been estimated by economists.