Which statement is true?
A. Scarcity is simply a lack of money.
B. The United States' society has been so affluent in the last 50 years that scarcity is only a minor problem.
C. The economic problem refers to the problem of poverty.
D. If scarcity did not exist there would be no need to economize.
D. If scarcity did not exist there would be no need to economize.
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All of the following lead to more rapid economic growth EXCEPT
A) restricting international trade. B) encouraging higher rates of saving. C) supporting more research and development. D) encouraging higher quality education.
If the demand for airline tickets to Fort Lauderdale is price elastic,
a. airline revenue will increase if supply increases b. airline revenue will increase if supply decreases c. a small change in price will cause a large shift in the demand curve d. a large change in price will cause a small shift in the demand curve e. a large change in price will cause a large shift in the demand curve
Which of the following would tend to INCREASE the elasticity of demand for good X?
A. a new product, Y, which can be used in place of X, is introduced. B. the percent of a consumer's income spent on good X declines. C. a new discovery allows firms to produce X at a much lower cost. D. both b and c E. all of the above
In most markets, the equilibrium price is achieved
A. Through detailed databases. B. Using an equilibrium price formula. C. Through trial and error. D. Through government mandate.