How does scarcity affect the range of possible choices that decision makers face?
a. It narrows the choice to a single option.
b. It narrows the range of choices.
c. It increases the possible methods for solving problems.
d. It clarifies the choices by highlighting the best solutions.
e. It simplifies the choices and therefore widens the range.
b
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Refer to Table 4-3. The table above lists the marginal cost of cowboy hats by The Waco Kid, a firm that specializes in producing western wear. If the market price of The Waco Kid's cowboy hats is $40
A) The Waco Kid will produce four hats. B) producer surplus from the first hat is $40. C) there will be a surplus; as a result, the price will fall to $24. D) producer surplus will equal $28.
Federal deficits amounted to 3.5 percent of the U.S. GDP by 2003 because of: a. the global financial crisis of 2002 that increased the rate of unemployment
b. an increase in the cost of fighting the war against terrorism. c. an improving stock market that decreased interest payment burdens for the government. d. a decrease in military and defense spending due to the end of the war in Iraq. e. an increase in welfare spending and Medicare expenses.
According to the crude quantity theory of money, if P rose by 20%, then __________.
Fill in the blank(s) with the appropriate word(s).
Unemployment means
A. the same as underemployment. B. a recession. C. slow economic growth. D. that not all resources are being used.