As a consequence of the condition of scarcity:
A. there is never enough of anything.
B. production has to be centrally planned.
C. individuals and communities have to make choices from among alternatives.
D. things that are plentiful have relatively high prices.
Answer: C
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The Great Depression provided significant evidence that
a. the economy always worked well on its own b. the economy always reached full employment on its own c. the economy may not always do well on its own d. the notion of laissez faire was correct e. the supporters of the classical model were correct
The actual unemployment rate can be greater than or less than the natural rate of unemployment.
Answer the following statement true (T) or false (F)
Recall the Application about federal quality standards in the market for kiwifruit to answer the following question(s).Recall the Application. The U.S. kiwifruit information asymmetry was reduced by advertising.
Answer the following statement true (T) or false (F)
Which of the following would an economist classify as capital?
A. A public corporation's employees B. A share of stock C. A computer used by an accountant D. A deposit of silver