List some examples of the scarcity that you face
What will be an ideal response?
Examples of scarcity common to students include not enough income to afford both tuition and a nice car, not enough learning capacity to study for both an economics exam and a chemistry exam in one night, and not enough time to allow extensive studying and extensive socializing.
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Supply-side economists argue that changes in tax rates cause changes in
A) labor supply. B) the full-employment level of output. C) saving. D) all of the above.
Suppose a movie theater raises its ticket prices by 10% and the total revenue it receives in ticket sales doesn't change one bit from the previous week
What can you say about the price elasticity of demand at that new price? Could this go on indefinitely? In other words, would continued price increases leave total revenue unchanged without bound? Why or why not?
By the end of the 19th century, bituminous coal still was the largest single source of mineral energy used in this country, despite the enormous increase in oil production and refining
Indicate whether the statement is true or false
The difference between the equation of exchange and the quantity theory of money is that the
a. equation of exchange assumes that the level of real GDP is constant. b. quantity theory of money assumes that the Fed has no control over the money supply. c. equation of exchange assumes that the level of nominal GDP is constant. d. quantity theory of money assumes that velocity is virtually constant.