If a useful good or service exists in such abundance that anyone can readily obtain it without much effort,
a. it is not scarce, but it is an economic good.
b. it is scarce, but it is not an economic good.
c. it is scarce, and it is an economic good.
d. it is neither scarce nor is it an economic good.
d. it is neither scarce nor is it an economic good.
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The world price of steel is $100 a ton. Before international trade, the price of steel in India is $60 a ton. If India begins trading internationally, the price of steel in India ________ and steel mills in India ________ the quantity they produce
A) rises; increase B) falls; increase C) does not change; increase D) rises; decrease E) falls; decease
Using typical estimates of the sacrifice ratio, how much output would likely be sacrificed to reduce inflation from 4 percent to 2 percent?
One reason De Beers has lost some of its monopoly power is:
A. pressure from consumers. B. antitrust laws C. competition from Canadian and Russian diamond mines. D. All of these statements are true.
Financial intermediaries, such as commercial banks, provide benefits to:
A. borrowers only. B. savers only. C. the government only. D. both savers and borrowers.