Rent-seeking behavior refers to actions by landlords to pressure the government into subsidizing rent for its low-income residents.
Answer the following statement true (T) or false (F)
False
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Which of the following statements about economic scarcity is FALSE?
A) Scarcity occurs among the poor and the rich. B) Scarcity only occurs if there are shortages and people wait in line to buy things. C) Scarcity results from not having enough resources to produce all the things we want. D) Scarcity results in the necessity to make choices.
Specialization refers to
a. one person performing a wide variety of tasks b. labor replacing capital in production c. capital replacing labor in production d. limiting the number of tasks a resource performs e. performing all tasks with only one resource
Fred and Barney fill egg cartons with eggs. Fred just started the job and can fill only 20 cartons an hour. Barney has significant on-the-job experience and can fill 40 cartons an hour. Both Fred and Barney work 40 hours a week. Fred's average weekly productivity is ________ cartons; Barney's average weekly productivity is ________ cartons; and as a team their average weekly productivity is ________ cartons.
A. 20; 40; 60 B. 800; 1,600; 1,200 C. 20; 40; 30 D. 800; 2,000; 1,600
Assume that a consumer purchases two products and the consumer's money income increases. All other things equal, the most likely effect is:
A. no change in the consumer's buying pattern. B. an inward shift in the budget line because the consumer can now purchase less of both products. C. an outward shift in the production possibilities curve because the consumer can now satisfy more wants. D. an outward shift in the budget line because the consumer can now purchase more of both products.