Which of the following describes a problem created by scarcity?
A. The course you need to take in the fall is offered at times that conflict with your work schedule.
B. Your cell phone battery is low and you screen a phone call from a friend in case your significant other calls later.
C. The White House eliminates tours due to budget constraints.
D. All of these.
Answer: D
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Holding other factors constant, if Congress passes a 5% investment tax credit under which a firm receives $5 in tax refunds from the government for every $100 it spends on new capital equipment, then the real interest rate will ________ and the equilibrium quantity of national saving and investment will ________.
A. increase; decrease B. increase; increase C. decrease; increase D. increase; not change
Why do some firms in an oligopoly refrain from colluding?
What will be an ideal response?
Money is always neutral. This statement is most likely to be made by a proponent of the
a. new Keynesian model. b. monetarist model. c. real business cycle model. d. classical model. e. both c and d.
The Classical economists argued that:
A. if unemployment occurs, it will cure itself because wages will fall. B. if inflation occurs it will cure itself because prices, wages, and interest rates will rise. C. aggregate expenditures may be too low. D. a market economy will not experience unemployment in the short run.