If scarcity was not a fact,
a. people could have all they wanted of goods and services for free
b. it would no longer be necessary to make choices.
c. poverty, defined as the lack of a minimum level of consumption would also be eliminated.
d. all of the above would be true.
d
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The demand for Farm fresh brand apple juice is likely to be:
A. very price elastic, because there are many close substitutes available. B. less price elastic, because there are many close substitutes available. C. very price elastic, because the adjustment time is so fast. D. less price elastic, because the adjustment time is so slow. AACSB: Reflective Thinking
The value of the dollar relative to the euro would increase if
A. the supply of dollars increases and the demand for euros increases. B. the demand for dollars increases and the supply of euros increases. C. the demand for dollars decreases and the supply of euros increases. D. the supply of dollars increases and the demand for euros decreases.
Surpluses cause prices to fall while shortages cause prices to rise
a. True b. False Indicate whether the statement is true or false
The government (G) category of gross domestic product (GDP) excludes welfare and other transfer payments
a. True b. False Indicate whether the statement is true or false