Which of the following illustrates the concept of scarcity?
a. There is usually more than one use of your "free" time in the evening.
b. More clean air is wanted than is available in large polluted metropolitan areas such as Los Angeles.
c. There are many competing uses for the annual budget of your city, county, or state.
d. All of the answers are correct.
d
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The mean income of 25 employees working in a firm is $1,754 per month. What is the total income of all the employees?
A) $63,950 B) $43,850 C) $56,225 D) $40,000
If money is used as a mechanism to hold purchasing power for a period of time it is functioning as a
A) unit of account. B) medium of exchange. C) store of value. D) standard of value.
To reach the socially optimal allocation of resources, the amount of government revenue received from a pollution tax should be
a. equal to the negative externality cost associated with producing the good b. less than the negative externality cost of producing the good c. greater than the negative externality cost of producing the good d. equal to the private cost of producing the good e. greater than the private cost of producing the good
When indifference curves are downward sloping, the marginal rate of substitution is usually constant
a. True b. False Indicate whether the statement is true or false