Scarcity is:
A. a fact of life because of limited resources.
B. not a problem for Bill Gates because he is a billionaire.
C. can be eliminated by rational decision making.
D. is a problem studied in microeconomics but is not a macroeconomic concern.
A. a fact of life because of limited resources.
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The opportunity cost of being unemployed tends to be the highest in which of the following countries?
A) Canada B) France C) the United Kingdom D) the United States
What would happen in the market for knee replacement surgery if insurance companies started to cover a smaller portion of the cost of the surgery, and fewer doctors decide to enter the field of joint replacement surgery?
A) Supply will decrease, but this will not shift the demand curve. B) Demand will decrease and supply will increase. C) Demand and supply will both decrease. D) Demand will decrease, but this will not shift the supply curve.
Aggregate supply increases when
a. wage rates or interest rates decrease while the economy's price level remains unchanged b. resource availability is reduced c. there are fewer workers d. there is less capital and the price level remains unchanged e. there are increased inflationary expectations of labor
The average tax rate is
A. the ratio of additional taxes to an additional dollar of income. B. the ratio of taxes to income. C. the ratio of taxes to GDP. D. the ratio of income to direct taxes.