Economists say that since wants are unlimited and the earth contains a finite quantity of resources that people keep using,
a. we will run out of resources
b. consumers will lose sovereignty
c. the circular flow model will eventually shrink
d. scarcity will always be a fact of economic life
e. the ceteris paribus assumption becomes more universal
D
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The idea of insurance
a. would not appeal to a risk-averse person. b. is, other things the same, to reduce the probability of a fire, accident, or death. c. is to share risk. d. is to provide a sure thing, not a gamble.
If the marginal tax on labor income rises then the tax receipts of the government:
a. rise. b. stay the say. c. fall. d. may rise, fall or stay the same.
Refer to Figure 13-1. Ceteris paribus, a decrease in government spending would be represented by a movement from
A) AD1 to AD2. B) AD2 to AD1. C) point A to point B. D) point B to point A.
During the Great Depression the price level increased
a. True b. False