To say that something is scarce means that:
a. it is no longer available in stores.
b. it must be conserved at any cost.
c. even the government cannot supply it.
d. sufficient amounts of it available only at a zero price.
e. not enough is available to satisfy people's wants at a zero price.
e
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Nominal interest rates are higher than real interest rates as long as
A) expected inflation is positive. B) the government taxes interest income. C) inflation is expected to decline in the future. D) long-term interest rates are higher than short-term interest rates.
The last of the public land was sold between 1881 and 1907
Indicate whether the statement is true or false
The term ceteris paribus means
A) the greatest good for all. B) the study of scarcity and choice. C) all other things remaining constant or equal. D) value-free and testable.
In the above figure, at the profit-maximizing rate of production for the perfectly competitive firm total cost is
A) $100. B) $70. C) $30. D) $130.