What does scarcity have to do with the fact that people must make choices?
What will be an ideal response?
Scarcity implies that people cannot have everything they want. This implies that ways must be found to determine which of the many goods that people want will actually be produced. Further, since any person cannot have everything he or she wants, the person must decide which specific things to acquire. That is, the person must make choices.
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Despite the Obama administration's support of the Trans-Pacific Partnership (TPP), the AFL-CIO labor union has argued that the TPP will not
A) protect the environment. B) ensure safe imports. C) create jobs. D) all of the above
Secondary workers are often decisive in keeping a family out of poverty
Indicate whether the statement is true or false
Which of the following characteristics does not fit a perfectly competitive market?
A. Numerous small firms B. Identical products produced by all firms in the market C. Each individual firm has a small amount of control over the market price D. Ease of entry and exit from the market
How would the market for coffee be affected if the government charged an excise tax of $1.00 on each unit of coffee sold?
A) There would be a shortage of coffee. B) The demand for coffee would increase. C) The demand for coffee would decrease. D) The supply curve would shift up vertically by $1.00.