Scarcity limits the volume of goods that an economic system can produce, but does not limit the production of services
a. True
b. False
Indicate whether the statement is true or false
False
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As a method of resource allocation, market price
A) means those who are willing and able to pay get a particular good or service. B) works well when self-interest must be suppressed. C) works best inside firms and government departments. D) is efficient when there is no effective way to distinguish among potential users of a scarce resource.
If a price ceiling of $8 were placed in the market in the graph shown:
A. an excess supply of 7 would occur.
B. an excess supply of 15 would occur.
C. an excess supply of 23 would occur.
D. None of these is true.
A project is profitable when its internal rate of return is ______ the interest rate.
A. greater than B. less than C. equal to D. less variable
The marginal productivity principle demonstrates that distribution under a capitalist system is ethically valid
a. True b. False Indicate whether the statement is true or false