Criteria for rationing goods and resources must be established because of
a. the law of comparative advantage.
b. the use of capitalism as a form of economic organization.
c. the inability of politicians to develop efficient forms of economic organization.
d. scarcity imposed by nature.
D
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Most economists estimate that the U.S. factor of production most likely to be hurt by the formation of the NAFTA is unskilled U.S. labor
Indicate whether the statement is true or false
In Figure 10-5 above, suppose that the economy's initial steady-state point is A. An increase in the rate of national saving changes the steady-state point to
A) point B. B) point C. C) point D. D) a point to the left of point A.
At which of the following exchange rates would the quantity of British pounds demanded be the highest?
a. $5.00 per pound. b. $2.50 per pound c. $3.00 per pound. d. $1.50 per pound. e. $2.00 per pound.
If goods X and Y are both normal goods for Brenda, then an increase in Brenda's income will lead her to __________
Fill in the blank(s) with correct word