The fact that there are too few resources to satisfy all our wants is attributed to
A. Lack of money.
B. Shortages.
C. Greed.
D. Scarcity.
Answer: D
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Many predict there will be permanent, growing shortages of oil by the year 2025. The prognosticators are assuming
A) oil prices will fall. B) oil prices will not adjust appropriately to coordinate the market. C) oil prices will rise. D) greed will ruin the supply and demand process in the world oil market.
The quantity theory of money asserts that:
a. changes in nominal GDP are inversely related to changes in the velocity of money. b. changes in money supply are positively related to changes in the velocity of money. c. changes in the money supply are unrelated to changes in the price level. d. changes in the output level are unrelated to changes in the price level. e. changes in the money supply are directly related to changes in nominal GDP.
Which of the following would require reducing government expenditures and increasing tax rates during a recession?
A. An annually balanced budget policy B. A countercyclical fiscal policy C. A cyclically balanced budget policy D. A policy employing built-in stability
The main objective of advertising for a monopolistically competitive firm is
A. to differentiate the product and raise sales. B. to reduce cost. C. to comply with government requirements on product information. D. to earn long run profits.