Scarcity
A. can be reduced with more efficient production methods.
B. can not be avoided in the world.
C. does not exist in the United States.
D. applies only to developing countries.
Answer: B
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Compared to the poverty rate for non-Hispanic whites, the poverty rate for Hispanics is almost _______.
Fill in the blank(s) with the appropriate word(s).
Which of the following characterizes long-run equilibrium in perfect competition?
A) P = MC = ATC B) P = MC < ATC C) P > MC = ATC D) P = MC > ATC
Assuming the economy in the graph shown is currently at equilibrium A, if the government wanted to enact a policy it would likely enact:
A. expansionary fiscal policy in an effort to move aggregate demand to the right.
B. contractionary fiscal policy in an effort to move aggregate demand to the left.
C. expansionary fiscal policy in an effort to move aggregate demand to the left.
D. contractionary fiscal policy in an effort to move aggregate demand to the right.
If the price elasticity of demand is equal to zero and the price was to rise, the quantity demanded would:
A. decrease slightly. B. fall to zero. C. not change. D. increase.