What can we conclude about our future after reading Chapter 1?
a. We will use up more resources faster and scarcity will become increasingly more severe.
b. We will eventually run out of "things we want" causing scarcity to moderate.
c. We will eventually run out of "things we want" causing scarcity to disappear.
d. Resources will remain scarce and our wants unlimited so that scarcity will remain a fact of life.
e. Technology will fully substitute for scarce resources so that even though our wants are unlimited, we will eventually eliminate scarcity.
D
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Refer to Table 4-1. The table above lists the highest prices three consumers, Curly, Moe, and Larry, are willing to pay for a bottle of champagne. If the price of the champagne falls from $24 to $14
A) Larry and Moe will receive more consumer surplus than Curly. B) Curly will buy four bottles; Moe will buy two bottles, and Larry will buy one bottle. C) consumer surplus increases from $32 to $53. D) consumer surplus will increase from $80 to $95.
Which of the following would cause an upward movement along the supply curve of hamburgers?
a. A fall in the price of substitutes like pizzas b. A fall in market demand for hamburgers c. An increase in the price of beef d. An increase in the market price of hamburgers
Every choice involves giving up an opportunity to produce or consume something else.
a. true b. false
Cost-push inflation increases real output and employment.
Answer the following statement true (T) or false (F)