Scarcity is a concept that applies to all of the following except
a. time.
b. natural resources.
c. human wants.
d. machinery.
c
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What are the key differences between how we illustrate an expansionary fiscal policy in the basic aggregate demand and aggregate supply model and in the dynamic aggregate demand and aggregate supply model?
What will be an ideal response?
If Greece chose to abandon the euro and the Greek government decided to exchange euro bank deposits for drachmas, the affected bank depositors would suffer losses if the
A) euro then appreciated. B) euro then depreciated. C) drachma then appreciated. D) drachma then depreciated.
If the sellers in the cigarette industry formed a cartel and decided to set price along a straight-line downward-sloping demand curve, which point would they choose if they wanted to gain the highest total revenue?
a. The point nearest the vertical axis, where the price is highest. b. The point nearest the horizontal axis, where quantity demanded is greatest. c. One of the points higher up on the demand curve, where demand is elastic. d. One of the points lower down on the demand curve, where demand is inelastic. e. The point of unit elasticity, in the middle of the demand curve.
Economic surplus is another term for which of the following?
a. efficiency b. consumer surplus c. social surplus d. deadweight loss