A typical economic good has which one of the following characteristics?
A) The desired quantity exceeds the quantity available at a zero price.
B) The quantity available exceeds the desired quantity at a zero price.
C) It uses no resources to produce.
D) It is never scarce.
A
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The government can help solve the information asymmetry problem by:
A. making it illegal to complete a transaction without complete information. B. providing the missing information to the less-informed party. C. requiring the more informed party to not use the imbalance to their advantage. D. All of these statements are true.
Because of discrimination, which of the following have systematically earned less than others of equal ability?
a. only African-Americans b. only Hispanics c. only African-Americans and Hispanics d. African-Americans, Hispanics, and women e. only Hispanics and women
If $20 billion was spent on a program last year, and $21 billion would be required to maintain services at the same level, then a budgeted figure of $20.5 billion would represent
A. a cut using either current services or baseline budgeting. B. an increase using current services budgeting and a cut using baseline budgeting. C. an increase using either current services or baseline budgeting. D. an increase using baseline budgeting and a cut using current services budgeting.
Using Scenario 1 what would happen to your budget constraint if you came up with a study technique that allowed you to earn 3 points for every hour spent studying economics and still only 2 points for every hour spent studying French? What has
happened to the relative price of one hour of studying French?