Resources are all of the following except:
A. unlimited and in abundance.
B. the things we use to produce goods and services.
C. limited in quantity and can be used in different ways.
D. scarce and therefore require choices to be made.
Answer: A
You might also like to view...
A tariff imposed by the United States on Japanese cars ________ the price of cars in the United States and ________ the quantity of Japanese cars imported into the United States
A) raises; increases B) raises; decreases C) lowers; increases D) lowers; decreases
Suppose the U.S. dollar is backed by one-sixth of an ounce of gold and the British pound is backed by one-third of an ounce of gold. The exchange rate between the U.S. dollar and the British pound equals ________ per pound
A) $0.50 B) $1.00 C) $1.50 D) $2.00
One reason the supply of cell phones has increased is:
A. cell phone towers are much more common. B. better technology allows them to be produced more cheaply. C. consumer preferences for cell phones has increased. D. expectations of the near future are that no landlines will exist.
A monopolistic producer supplying raw materials to two industries one with a lower price elasticity of demand and the other with a high price elasticity of demand, practices _____ to prevent its low price elastic consumers (who have more elastic demands) from reselling its products to high price consumers (who have less elastic demands)
a. vertical integration b. price discrimination c. double marginalization d. price control