Which of the following statements is true?
A) Gold is not a scarce resource.
B) Both life-saving drugs and ice cream are examples of scarce goods.
C) If a scarce resource is given away for free, everyone will be able to consume it.
D) Scarcity means that there is an imbalance between unlimited resources and limited wants.
B
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Why is GDP only an imperfect valid measure of the value of output produced by an economy?
What will be an ideal response?
Gabriela, a brilliant new Ph.D. in economics, has turned down many job offers because she hopes eventually to teach at one of the top ten universities in her field. The type of unemployment she is experiencing is
a. frictional b. structural c. seasonal d. cyclical e. underemployment
In the United States, the top 20 percent of income earners earn:
A. just under 40 percent of total income. B. over 70 percent of total income. C. over 60 percent of total income. D. just under 50 percent of total income.
When people want to hold money to make regular planned expenditures, this is
A. the asset demand for money. B. the precautionary demand for money. C. the spending demand for money. D. the transaction demand for money.