Scarcity is a situation in which resources are unlimited in quantity and can be used in different ways
Indicate whether the statement is true or false
FALSE
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In the model of the money supply process for M2, the relationship between checkable deposits and the M2 money supply is represented by
A) D = × M2. B) D = (1 + c + t + mm) × M2. C) M2 = × D. D) M2 = .
Refer to the information provided in Figure 9.7 below to answer the question(s) that follow. 
Figure 9.7 Refer to Figure 9.7. Industry demand is initially D1 and industry supply is initially S1 in this increasing cost industry. If demand increases to D2, then in the long run the industry will
A. stay at Point B. B. move to Point E. C. move to Point F. D. move to Point C.
A concentration ratio provides a better assessment of market power than the Herfindahl-Hirschman index does.
Answer the following statement true (T) or false (F)
Answering the For Whom to Produce question means that:
A. society is determining the size of the economic pie, B. scarcity no longer restricts production. C. society must have a method to decide who will be rich and who will be poor. D. an economy is selecting among its resources for production.