Scarcity:
A. exists because resources are unlimited while human wants are limited.
B. means we are unable to have as much as we would like to have.
C. will likely be eliminated as technology continues to expand.
D. is not an issue addressed in economics.
Answer: B
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Answer the following questions true (T) or false (F)
1. At a short-run macroeconomic equilibrium, real GDP is always equal to potential GDP. 2. Stagflation occurs when aggregate supply and aggregate demand both increase. 3. A decrease in government spending will result in a decrease in the price level and a decrease in real GDP in the long run.
The demand for Chiquita bananas is more inelastic than the demand for fruit.
Answer the following statement true (T) or false (F)
The consumption function shows the relationship between consumer spending and the price level
Indicate whether the statement is true or false
A firm is producing a joint product, Product A and Product B, with variable proportions. At its current production levels, the marginal benefit of producing Product A is $8 and the marginal cost is $12 and the marginal benefit of producing Product B is $8 and the marginal cost is $2. To maximize profits, the managers of the firm should produce ________ of Product A and ________ of Product B.
A) more; less B) more; more C) less; less D) less; more