Scarcity means
A) wants are greater than the limited resources available to satisfy these wants.
B) wants are less than the limited resources available to satisfy these wants.
C) resources are infinite.
D) wants are limited.
E) both c and d
A
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When the Bretton Woods system was set up, the United States agreed initially to buy and sell gold at a price of ________ per ounce
A) $24 B) $35 C) $42 D) $48
An economy producing at an interior point of its production possibility frontier is ___
a. efficient, the economy is producing the highest possible quantities of all the goods b. inefficient, because resources are not full employed. c. efficient, because the economy is producing goods at the lowest possible cost d. inefficient, because that combination of goods could be produced at a lower cost if more efficient technology were employed
Beginning from a long run equilibrium in an increasing cost industry, if there is a substantial, permanent fall in demand for industry output:
a. firms will leave the industry, the quantity produced will fall, and prices will end up lower than their initial long run equilibrium level. b. firms will leave the industry, the quantity produced will fall, and prices will end up higher than their initial long run equilibrium level. c. firms will leave the industry, the quantity produced will fall, and prices will end up at the same level as their initial long run equilibrium level. d. firms will enter the industry, the quantity produced will rise, and prices will end up lower than their initial long run equilibrium level.
Electra Bikes is an American brand with a global presence. Which of the following trade agreements allowed Electra Bikes to expand its business by opening a new market in Canada?
a.NAFTA b.The EU c.MERCOSUR d.ASEAN e.CAFTA