Which is true, only the poor face scarcity
Question 1
Which is true?
only the poor face scarcity
scarcity is a fundamental condition
in the future, economic growth will eliminate scarcity
our wants are but an illusion
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Question 2
which is a microeconomic topic?
the dress market
inflation
national unemployment
the labor market
Question 3
which is a normative economic statement?
textbook prices have actually fallen
if tectbook prices rise, more students will share textbooks
the average price of textbooks has risen 50% over the past 4 years
prices for textbooks are too high
Question 4
which is the best example of the marginal concept in economics?
the highest exam grade
the total points, I make during the semester
the most difficult assignment of the semester
the next exam I take
Question 5
if a store has fewer customers, it earns less revenue, this shows a(n)
positive relationship
negative relationship
independent relationship
inverse relationship
Question 6
which is NOT a resource?
labor
savings
human capital
equipment
Question 7
in economics human capital
is not a resource
refers specifically to labor
is our buildings and equipment
is our knowledge, skills, abilities
Question 8
the law of trade states that
both sides to a trade expect to benefit
if prices rise, there will be fewer trades made
our unlimited wants will lead to profitable trades
overtime, traders can find more substitutes to trade
Question 9
if peanut butter and jam are complements, if the price of jam falls
demand for peanut butter shifts right
supply of peanut butter shifts right
price of peanut butter falls
demand for peanut butter shifts left
Question 10
in the apple market, if bad weather ruins some of the apple crop
price of apples rise, quantity of apples rises
price of apples fall, quantity of apples fall
price of apples rises, quantity of apples fall
price of apples rises, quantity of apples rises
Question 11
if Nike and Adidas shoes are substitutes, if the price of Nike shoes falls
demand for Addidas shoes shifts left
demand for Nike shoes shifts left
demand for Addidas shoes shift right
demand for nike shoes shifts right
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Solution: Which is true, only the poor face scarcity