Scarcity in economics means:
A) not having sufficient resources to produce all the goods and services we want.
B) the wants of people are limited.
C) there must be poor people in rich countries.
D) economists are clearly not doing their jobs.
Ans: A) not having sufficient resources to produce all the goods and services we want.
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The federal budget
A) is required to balance by law. B) can have a surplus but not a deficit. C) can have a deficit but not a surplus. D) can have a deficit or a surplus but cannot be balanced. E) can have a deficit, a surplus, or a balance.
Which of the following is a characteristic of a perfectly competitive market?
A. A few large firms B. Firms producing specialized products in order to attract consumers C. Each individual firm having some control over the market price D. A large number of small firms
An example of a U.S. export would be:
A. a French bottle of wine consumed by an American. B. an Apple computer purchased by a U.S. college student who plans to study abroad in France. C. a bushel of apples that Canadians pick and enjoy on a lovely fall day in Vermont. D. an Apple computer, made in the U.S., purchased by a French student.
In a perfectly competitive market, the demand curve faced by each firm is:
a. highly inelastic. b. perfectly elastic. c. perfectly inelastic. d. less elastic.