The concept of private property is
A) a legal absolute.
B) a matter of degree.
C) a moral absolute.
D) an invention of economists.
B
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An adverse supply shock would shift: a. only the short-run aggregate supply curve outward
b. only the long-run aggregate supply curve outward. c. only the long-run aggregate supply curve inward. d. only the short-run aggregate supply curve inward. e. both the long-run and the short-run aggregate supply curves inward.
Suppose you could choose how many hours a week you will work and you are currently earning $50 an hour and working 40 hours a week. If you got a pay increase to $60 an hour and decided to work 45 hours, then we may conclude that your
A. income effect outweighed your substitution effect. B. substitution effect outweighed your income effect. C. substitution effect was equal to your income effect.
Large productivity increases are most likely to be achieved by
A. emergency room nurses. B. professional basketball players. C. symphony orchestras. D. automobile manufacturers.
Scarcity arises because
A) resources are limited and are inadequate to meet all human wants. B) shortages occur in some markets. C) natural resources are abundant. D) some people do not behave in a rational manner.