Scarcity is the most basic concept in economics.
Answer the following statement(s) true (T) or false (F)
Answer: True
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The existence of a monopoly:
A. creates a gain of total surplus. B. benefits the consumer. C. benefits the monopolist. D. creates more consumer surplus.
A depreciation of the dollar will
A. discourage foreigners from buying U.S. goods. B. encourage Americans to invest in foreign assets. C. increase the amounts of U.S. dollars demanded by foreigners. D. throw the U.S. economy into a recession.
Under which of the following conditions will there be no substitution bias in the CPI?
A) Lower-priced goods increase in price by a greater percentage than do higher-priced goods. B) Higher-price goods increase in price by a greater percentage than do lower-priced goods. C) All goods change in price by the same amount. D) All goods change in price by the same percentage.
Suppose a new government policy generates $6,000 of benefits for local businesses and $4,000 of costs. We can best describe the policy as
A. potentially efficient. B. equitable. C. Pareto efficient. D. inefficient.