Which of the following illustrates scarcity??
A. Megan wants to buy a CD that costs? $25 but has only? $10 to spend.
B. Mary loves watching movies.
C. Ron will travel to New York City for Thanksgiving.
D. I got a new dress from my mother.
Ans: A. Megan wants to buy a CD that costs? $25 but has only? $10 to spend.
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Which of the following is likely to happen if the government increases its expenditure?
A) Price level will fall. B) Investment will decrease. C) Unemployment will increase. D) Consumption will increase.
Best Lights wants to prevent Bright Lights from entering the light bulb market. If Best Lights advertises that it will always undercut any competitor's price, the effect of advertising ________ Best Lights' profits due to its cost and ________ Best Lights' profits due to a(n) ________ in its demand.
A) decreases; increases; increase B) decreases; decreases; decrease C) increases; increases; increase D) decreases; decreases; increase
The effect of licensing requirements for an occupation is to
a. shift the demand curve for the occupation to the left, causing wage rates to fall. b. shift the supply curve for the occupation to the left, causing the wage rate to rise. c. shift the supply curve for the occupation to the right, causing the wage rate to fall. d. shift the demand curve for the occupation to the right, causing the wage rate to rise.
What is the official definition of the poverty line? What are some causes of poverty?