When a society cannot produce all the goods and services people wish to have, the economy is experiencing
a. scarcity.
b. surpluses.
c. inefficiencies.
d. inequalities.
a
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In an indifference curve/budget line diagram, a consumer will select the combination of goods that is on the budget line and for which the
A) marginal rate of substitution between two goods is equal to the relative price of the two goods. B) marginal rate of substitution between two goods is greater than the relative price of the two goods. C) slope of the indifference curve is less than the relative price of the two goods. D) slope of the indifference curve is greater than the relative price of the two goods.
State three major potential advantages of foreign direct investment for a developing country. State three major potential disadvantages
What will be an ideal response?
U.S. patent laws establish property rights for inventors of new products
a. forever b. until a superior invention comes along c. for 3 years d. for 10 years e. for 20 years
Imagine that a country is at point X of this production possibilities frontier and a country is at point Y.
A. The country at point X will probably grow faster than the country at point Y.
B. The country at point Y will probably grow faster than the country at point X.
C. The two countries will probably grow at about the same speed.
D. There is no way of predicting which country will grow faster.