Will scarce goods necessarily be rationed in some manner?
A) Not if people agree to share them equitably
B) Not if there is enough for everyone to have what they need
C) Not if their prices are free to rise
D) Not if they are privately owned
E) Yes
E
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Corporate profits are taxed by state and local governments, but not by the federal government
Indicate whether the statement is true or false
What happens to the real wage rate and potential GDP if population increases?
What will be an ideal response?
Why is the monopoly total welfare lower than the competitive total welfare?
What will be an ideal response?
An economic system answers the ________, ________, and _________ questions
a. when to produce, where to produce, why we should produce b. wealth, greed, power c. money, markets, the business cycle d. what to produce, how to produce, for whom to produce