Which of the following items would be considered scarce?
A) water
B) diamonds
C) potato chips
D) All of the above are scarce.
Answer: D
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Marginal revenue product is defined as the extra:
a. output a firm would receive after hiring one more unit of resource. b. cost of hiring one more unit of resource c. revenue earned by selling one more unit of product. d. revenue earned by hiring one more unit of resource e. output received by spending one more dollar on resources
Which of the following statements best describes the outcomes of protectionism for infant industries?
a. Protectionism for infant industries never imposes costs on domestic users of the product but typically has provided little benefit in the form of stronger, competitive industries. b. Protectionism for infant industries always imposes costs on domestic users of the product and typically has provided little benefit in the form of stronger, competitive industries. c. Protectionism for infant industries never imposes costs on domestic users of the product and typically has provided much benefit in the form of stronger, competitive industries. d. Protectionism for infant industries always imposes costs on domestic users of the product but typically has provided much benefit in the form of stronger, competitive industries.
If the Fed sells government bonds to the public, then reserves
a. increase and the money supply increases. b. increase and the money supply decreases. c. decrease and the money supply increases. d. decrease and the money supply decreases.
If the economy is in a recession and prices are relatively stable, then the discretionary fiscal policy or policies that would most likely be recommended to correct this macroeconomic problem would be:
A. increased government spending or decreased taxation, or a combination of the two actions. B. decreased government spending or decreased taxation, or a combination of the two actions. C. increased government spending or increased taxation, or a combination of the two actions. D. increased government spending or increased taxation, but not a combination of the two actions.