Water is considered a scarce good because:
A) scarce goods are less expensive.
B) not enough of it is available for all needs and because it is less expensive.
C) it does not have any uses.
D) not enough of it is available for all needs.
D) not enough of it is available for all needs.
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An important determinant of the price elasticity of supply is
A) whether the good is a durable or a nondurable. B) the time period firms have to adjust to a new price. C) how well consumers like the commodity. D) the proportion of the consumer's total budget spent on the good.
Refer to above figure. In the absence of a tariff and in the presence of trade, what is the country's consumer surplus?
What will be an ideal response?
Internal stress originates in:
a. The outside coming in, intruding b. One's own mind and body c. Acute stress d. On-going role playing, not being genuine
The natural rate of unemployment worsens if:
a. Actually, the natural rate cannot worsen. That's why it's called "natural." b. Labor force mobility worsens. c. Capital markets become more competitive. d. A nation's resource endowments expand. e. Real wages become more flexible.