In economics,one of the effects of scarcity is
a) disutility.
b) utility.
c) choice.
d) inefficiency.
Answer: c) choice.
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According to the classical model, the income generated by production is
A) always insufficient to purchase all the goods and services produced. B) enough to purchase all the goods and services produced. C) fully spent on savings. D) enough to meet the needs of everyone in society.
One advantage of using an inflation tax over other methods of tax collection is that:
A) inflation tax only affects individuals with a high income. B) people who evade other taxes also feel the burden of an inflation tax. C) the revenue from inflation tax is extremely high. D) the collection of inflation tax is more organized.
Which of the following is a method used by unions to increase the demand for their members' labor?
A) Support import restrictions. B) Decrease the marginal product of union members. C) Oppose immigration restrictions. D) Oppose minimum wage laws.
Using equations for public and private saving, show that saving must equal investment in a closed economy. Begin with the expression for total saving in the economy
What will be an ideal response?