Scarcity requires that we:
A. make sure we only want things that we are capable of consuming and producing.
B. change our fiscal policy until the situation of scarcity is eliminated.
C. make decisions in order to arrange our resources rationally.
D. adopt economic policies that will lead to unlimited resources.
C. make decisions in order to arrange our resources rationally.
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Which of the following statements would Milton Friedman agree with concerning the conduct of monetary policy?
A) Information lags are short, enabling the central bank to respond quickly to changes in the economy. B) There is little uncertainty over the effect of a change in the money supply on the economy. C) There are long and variable lags between monetary policy actions and their economic results. D) Wage and price adjustments are relatively slow, so changing the money supply will have a minimal impact on the real economy.
Which of the following pairs of goods would be considered complementary?
a. Coca-Cola and Pepsi. b. Computers and computer software. c. Radios and televisions. d. Mass transit and private automobiles. e. Compact discs and cassette tapes.
This graph represents the cost and revenue curves of a firm in a perfectly competitive market.
According to the graph shown, what is the market price?
A. P1 B. P2 C. P3 D. Cannot tell from the graph.
If electric utilities continually reduce their emissions of sulfur? dioxide
A) the utilities will eventually be forced to go out of business.
B) the marginal cost of further emissions will rise.
C) the marginal benefit of additional emissions will rise.
D) the total benefit of sulfur dioxide emissions will fall.