The problem of scarcity
a. has been "cooked up" by disenchanted anticapitalists.
b. exists because resources are limited relative to wants.
c. is solved by promoting economic growth.
d. is caused by artificially high prices.
b
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In the table above, country A is producing 4 units of X and 8 units of Y and country B is producing 4 units of X and 6 units of Y. Regarding the production of good X
A) country A has an absolute advantage. B) country B has an absolute advantage. C) country A has a comparative advantage. D) country B has a comparative advantage.
Which phrase(s) is (are) associated with normative statements?
a. c and e. b. Has been shown. c. Should be. d. Can be. e. More than.
Which of the following gives consumers an incentive to reduce the consumption of a service when the cost of providing the service is the highest?
a. average cost pricing b. constant pricing c. peak load pricing d. regulated pricing
If a higher price means a greater quantity supplied, then the supply curve slopes upward
a. True b. False Indicate whether the statement is true or false