Scarcity is
A. a situation in which the resources required to produce the goods and services that people desire are insufficient to satisfy all wants.
B. a shortage of goods and services.
C. poverty and misery.
D. a situation in which the resources for producing the goods and services that people desire are sufficient to satisfy people's desires.
Answer: A
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An increase in the wage rate will cause the labor supply curve to shift to the right
a. True b. False
Wanda owns a lemonade stand. She produces lemonade using five inputs: water, sugar, lemons, paper cups, and labor. Her costs per glass are as follows: $0.01 for water, $0.02 for sugar, $0.03 for lemons, $0.02 for cups, and $0.10 for the opportunity cost of her labor. She can sell 300 glasses for $0.50 each. What are Wanda's total economic profits?
a. $150 b. $126 c. $96 d. $54
Table 1.1 shows the hypothetical trade-off between different combinations of Stealth bombers and B-1 bombers that might be produced in a year with the limited U.S. capacity, ceteris paribus. Table 1.1Production Possibilities for BombersCombinationNumber of B-1 BombersOpportunity cost (Foregone Stealth)Number of Stealth BombersOpportunity cost (Foregone B-1)S0NA10 T1 9 U2 7 V3 4NAOn the basis of Table 1.1, what is the opportunity cost of producing at point S rather than point T?
A. 0.9 Stealth bombers. B. 1 Stealth bomber. C. 1 B-1 bomber. D. 10 Stealth bombers.
Strikebreakers
A) can reduce the bargaining power of a union. B) can strengthen the bargaining power of a union. C) make a union negotiation invalid. D) make a strike permanent.