Scarcity can be eliminated by
A) abolishing competition.
B) abolishing capitalism.
C) abolishing money.
D) all of the above.
E) none of the above.
E
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The theory that regulation helps producers to maximize profit is the
A) social interest theory. B) consumer surplus theory. C) antitrust theory. D) capture theory. E) oligopoly theory of regulatory bodies.
As wages and prices become more flexible ________
A) wages becomes less responsive to unemployment deviations from the natural rate B) it becomes easier to differentiate the short-run from the long-run Phillips curve C) inflation becomes more responsive to unemployment deviations from the natural rate D) all of the above E) none of the above
In a market economy, goods are allocated to
A. all potential uses. B. all citizens on an equal basis. C. citizens with political power. D. citizens with both the desire and the willingness to pay for the goods.
Which economist won the Nobel Prize for using experiments to test the model of supply and demand?
A. Vernon Smith B. Adam Smith C. Alfred Marshall D. Steven Levitt