As a consequence of the problem of scarcity:
A. There is never enough of anything
B. Individuals have to make choices from among alternatives
C. Only some people can "have it all"
D. Things which are plentiful have relatively high prices
Answer: B
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When will the substitution effect of a wage increase cause a fall in the amount of labor employed?
a. Always. b. When labor is not a regressive factor. c. When labor and capital are substitutes in production. d. When labor and capital are complements in production.
When a government mandate sets the rental price of an apartment below the market clearing level, which of the following result?
A) More apartments are rented. B) Landlords attempt to make up for the lower rental income by charging more for security deposits and cleaning fees. C) Landlords discriminate less. D) Landlords address their tenant's requests in a more prompt manner.
Before the Industrial Revolution, standards of living differed
A) greatly over time and across countries. B) little over time, but differed greatly across countries. C) greatly over time, but differed little across countries. D) little over time and across countries.
Mortgage-backed securities are:
A. tradable assets made up of packages of individual mortgages. B. investments that people bought based on the equity of their homes. C. assets that were purchased based on the leveraged value of people's homes. D. securities that are often purchased by homeowners.