Which of the following must cope with scarcity?
A. Individuals
B. Companies
C. Governments
D. Families
E. All of the responses are correct.
Answer: E
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When Kate and Sam use dollars to compare the market values of their automobiles, money is acting as a
A) unit of accounting. B) standard of deferred payment. C) store of value. D) medium of exchange.
Inefficient outcomes can arise in markets for public goods because:
A) too much of an exclusive good is produced. B) too little of an exclusive good is produced. C) too much of a nonexclusive good is produced. D) too little of a nonexclusive good is produced.
When the demand and supply of grapes both increase by the same magnitude, we can predict that the: a. price of grapes will not change
b. quantity of grapes exchanged will fall. c. quantity of grapes exchanged will rise. d. Both a. and c. are correct.
Microeconomic topics include the overall unemployment rate in the United States and the rate of inflation
a. True b. False