Which of the following results from having scarce economic resources?
a. The production of unlimited goods and services
b. The production of limited goods and services
c. Deflation
d. Poverty and unequal distribution of wealth
b. The production of limited goods and services
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In the loanable funds market,
a. savers are suppliers of loanable funds, and borrowers are demanders of loanable funds b. the supply curve slopes downward, and the demand curve slopes upward c. the supply curve reflects the negative relation between the market rate of interest and the quantity of savings d. households play the role of financial intermediaries e. banks pay a higher interest rate on consumer savings than they could earn by lending these funds out
Adverse selection and moral hazard are not problems associated with market transaction
Indicate whether the statement is true or false
The United States tends to rely more on private health insurance than other countries do.
Answer the following statement true (T) or false (F)
Figure 9-7 shows cost curves for Penny’s Parasols, a perfectly competitive firm. At which of the points would Penny’s Parasols be certain to close down?
a.
A
b.
B
c.
C
d.
D
e.
E