The problem of scarce resources _____
a. can be solved in a market economy, but not in a command economy.
b. can be solved if all resources are jointly owned by the public and private sectors.
c. implies that the resources are not freely available.
d. arises because all natural resources are owned by the government in every country.
e. can be solved by lowering taxes in an economy.
c. implies that the resources are not freely available.
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Economic growth occurs when there is
A) lower taxes on individuals. B) growth in government spending. C) growth in technology that increases productivity. D) more environmental regulation.
People debate whether or not the U.S. should allow for greater oil exploration in Northern Alaska. According to the economic way of thinking, the debate is rooted in
A) different perceptions about the additional benefits and the additional costs of oil exploration in Northern Alaska. B) a complete lack of appreciation of the value of wildlife and the ecology of Northern Alaska. C) a complete lack of appreciation of the value of oil in world affairs. D) politics rather than economics.
To reduce pollution, economists generally prefer a corrective tax to a command-and-control policy because the same goals can be achieved but in an efficient manner with a corrective tax.
Answer the following statement true (T) or false (F)
The total amount of reserves in the banking system is equal to the ________ required reserves and excess reserves
A) sum of B) difference between C) product of D) ratio between