Natural resources are:
a. not considered scarce because no one pays for them.
b. only desired for use in producing other goods.
c. included in the category of resources called land.
d. available in unlimited quantities.
c
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When there is an expansionary gap, inflation will ________, in response to which the Federal Reserve will ________ real interest rates, and output will ________.
A. decline; lower; expand B. increase; raise; decline C. decline; lower; decline D. decline; raise; decline
Suppose recent and widely circulated medical article reports new benefits of cycling exercise. Simultaneously, the price of the parts needed to make bikes falls. If the change in supply is greater than the change in demand, the price will _________ and the quantity will _________
a. Rise, rise b. Rise, fall c. Fall, rise d. Fall, fall
If the production of a good created both external costs and external benefits, but the external costs were greater, without government intervention, a market economy will:
a. not produce the product at all b. overproduce the product. c. underproduce the product. d. produce the optimal amount of the product.
The fast food industry can be modeled best using the model of
A. perfect competition. B. oligopoly. C. monopolistic competition. D. monopoly.