Water is considered a scarce good rather than a free good because:
A) it has alternative uses.
B) it does not have alternative uses.
C) scarce goods are less expensive than free goods.
D) free goods are more expensive than scarce goods
Ans: A) it has alternative uses.
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Refer to the above figure. Which panel represents what happens in the U.S. job market in the short-run when U.S. firms substitute labor outside of the U.S. for labor inside the U.S.?
A) Panel A B) Panel B C) Panel C D) Panel D
If you know the required reserve ratio, then you know how much each bank is holding in reserves
a. True b. False Indicate whether the statement is true or false
Union contracts that have built-in cost-of-living adjustments and home mortgages that vary with the rate of inflation are
a. inappropriate ways of combating inflation b. examples of bracket creep c. means of implementing fiscal policy d. examples of steps that can be taken to decrease the adverse impacts of inflation e. examples of failed discarded policies of the 1970s
Define economic growth and discuss why economists typically measure economic growth in terms of real GDP per capita. Give an example of how per capita GDP growth and GDP growth differ.
What will be an ideal response?