Scarcity:
a. exists in command economies
b. exists in market economies.
c. exists only for the poor in any type of economy.
d. (a) and (b) above are correct
d
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Aneta has owned an Italian sports car for several years and now she wants to sell it. She paid $8,500 for it in 1993 and she has just sold it for $39,000 in 2015. How is this sale included in the GDP for 2015?
A. $8,500 is included in 2015 GDP. B. $39,000 is included in 2015 GDP. C. The increase in value of $10,500 is included in 2015 GDP. D. It is not included in 2015 GDP.
Which price would you expect to rise the most in a high-income growing economy?
A. Semiconductors for personal computers B. Tickets to a ballet performance C. Passenger automobiles D. Blu-ray players
An ideal voting system must not have:
A. a one-dimensional issue being voted on. B. a person who has the power to single-handedly enact his or her own preferences. C. a person who can convince everyone to vote for his or her preferences, and not their own. D. transitivity of preferences
If you deposit a $50 bill in a commercial bank that has a 10 percent legal reserve requirement, the bank will:
A. have $45 of additional excess reserves. B. be capable of lending an additional $500. C. be capable of lending no more than an additional $50. D. have $50 of required reserves.