Scarcity
A) exists in all human societies.
B) is a problem for less-developed nations only.
C) used to be a problem, but is not an issue for modern industrial nations.
D) afflicts greedy people only.
A
You might also like to view...
Which of the following is TRUE about the long-run aggregate supply curve?
A) It is vertical at the level of potential GDP. B) It shows the relationship between the price level and real GDP when the economy is at full employment. C) It does not shift in response to temporary changes in aggregate demand. D) All of the above are true.
For each of the following transactions, explain what happens to the merchandise trade balance, current account balance, and financial account balance in both the United States and Mexico. The exchange rate is 2 Mexican pesos per U.S. dollar
(a) A Mexican firm spends 4 million pesos to buy radiology equipment from a U.S. firm. (b) A U.S. firm buys 20,000 sombreros at 20 pesos each. (c) Mexican computer firms send 200 programmers to universities in the United States, paying tuition and expenses of $3000 each. (d) A Mexican entrepreneur gives 50,000 pesos to the United Way of San Antonio, Texas. (e) Mexican investors buy $10 million worth of 30-year U.S. Treasury bonds.
Darren loves to go to the movies, and he just learned that he can buy a ticket at a discounted price using his student ID. Darren now attends movies even more often. The change in Darren's behavior would be shown graphically by a:
A. rightward shift in his demand curve. B. leftward shift in his demand curve. C. movement down along his demand curve. D. movement up along his demand curve.
Assuming the economy is in a recession, Keynesian economists predict that: a. wages will remain fixed
b. monetary policy will sell government securities. c. higher wages will shift the short-run aggregate supply curve leftward. d. lower wages will shift the short-run aggregate supply curve rightward.