The characteristic from which all economic problems arise is
A) how to make a profit.
B) political decisions.
C) hunger.
D) scarcity.
E) providing a minimal standard of living for every person.
D
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Double coincidence of wants is avoided if money is used as a:
A. measure of value. B. medium of exchange. C. standard of deferred payment. D. store of value
? Scalpers (people selling tickets at a price above the stated price, P*) were spotted at this year’s Super Bowl game. This suggest that
A. P* is less than the equilibrium price. B. P* is greater than the equilibrium price. C. P* is the equilibrium price. D. it’s not possible to determine anything about the equilibrium price with this information.
Which of the following statements is false?
A. One of the basic principles capitalism is based on is to "trust no one." B. To have real competition in a market economy no one business should be able to have any influence over price. C. A basic trade-off exists between the goals of equity and efficiency for a society. D. The forces of supply and demand will NOT automatically lead to an equitable distribution of income.
You observe that at your current production of rutabaga, the average total cost of producing rutabaga is $1 and the marginal cost of producing rutabaga is $2. What should always happen if you increase rutabaga production?
A. Marginal cost will fall. B. Average total cost will rise. C. Average total cost will fall. D. Both Marginal cost will fall and Average total cost will rise are correct.