Scarcity means that:
a. human desires are limited
b. resources are insufficient to satisfy all human desires.
c. choices are unnecessary.
d. all but the very wealthy must face choices.
b
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Refer to Table 4-7. Suppose that the quantity of labor demanded decreases by 80,000 at each wage level. What are the new free market equilibrium hourly wage and the new equilibrium quantity of labor?
A) W = $8.50; Q = 550,000 B) W = $9.50; Q = 590,000 C) W = $12.50; Q = 630,000 D) W = $9.50; Q = 570,000
During the antebellum period, factories grew, in part, due to internal economies of scale
Indicate whether the statement is true or false
In economics, items that are used to produce goods and services are known as
A) wants. B) aggregates. C) factors of need. D) resources.
The rule of rational choice: a. requires the availability of complete information before decisions can be made. b. can only be applied in business decisions
c. involves "marginal thinking." d. is the basis on which only greedy people make decisions.