Scarcity exists because
A) there is a temporary disruption in the market supply.
B) there is a shortage of goods caused by a natural disaster.
C) there are not enough resources available to produce all the goods that people want.
D) there is a shortage of labor throughout the world.
Answer: C
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If the government thinks the price that a consumer has to pay for a good is too high, then which of the following would solve this problem?
a. a price ceiling or an excise tax b. a price floor or an excise tax c. a price ceiling or a subsidy d. a price floor or a subsidy e. none of the above will lower the price a consumer has to pay for a good
One World View article is titled "Top Tax Rates." The lowest marginal tax rates in the world in 2015 were in
A. Monaco. B. France. C. Denmark. D. Canada.
A decrease in marginal tax rates will ________ after-tax profits and ________ more investment.
A. decrease; discourage B. increase; discourage C. decrease; encourage D. increase; encourage
According to Okun's Law, if unemployment rises by 5 percent while imports and exports increase at roughly the same rate, the economy will lose output equal to
A. 1 percent. B. 10 percent. C. 2 percent. D. 5 percent.