Scarcity applies to:
a. only the poor
b. the value of our time.
c. both the rich and poor.
d. both (b) and (c)
d
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Contestability of markets depends crucially upon
a. the nationalization of these markets b. large economies of scale c. strong brand loyalty for existing firms d. the presence of natural monopoly e. the ability of new firms to enter the market
Refer to Figure 10.4. If the market was perfectly competitive, the consumer surplus would be:
A. $850. B. $625. C. $300. D. $100.
Which of the following is NOT a proposition of the Heckscher-Ohlin model?
A) A country has a comparative advantage in the production of that commodity which uses more intensively the country's more abundant resource. B) The effect of international trade is to tend to equalize factor prices between the trading nations. C) If the United States is a skilled labor abundant country, then the United States has a comparative advantage in the production of goods that use skilled labor more intensively. D) Countries will completely specialize in the product in which they have a comparative advantage if free trade is allowed to occur.
Iron ore would be considered a
A. sustainable natural resource. B. limited natural resource. C. renewable natural resource. D. sequestered natural resource.