One of the two criteria for a resource to be considered as a natural resource is that it must:
A) have been produced.
B) be found in nature.
C) be part of a factory or building.
D) not be used to produce goods and services.
Ans: B) be found in nature.
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If Bulgaria, for instance, wished to keep its exchange rate with the dollar fixed, what monetary policy options are available to lower unemployment in the short run?
a. Bulgaria has all the options available to it, because domestic monetary policy is conducted inside the nation and has no bearing on its international variables. b. Traders would realize that any monetary policy actions taken inside a nation would improve economic conditions without affecting international variables. c. Bulgaria cannot use any monetary policy that would cause its short-run exchange rate to depreciate against the dollar. d. Bulgaria's monetary action would restore confidence and help keep its currency stable.
What can we conclude about our future after reading Chapter 1?
a. We will use up more resources faster and scarcity will become increasingly more severe. b. We will eventually run out of "things we want" causing scarcity to moderate. c. We will eventually run out of "things we want" causing scarcity to disappear. d. Resources will remain scarce and our wants unlimited so that scarcity will remain a fact of life. e. Technology will fully substitute for scarce resources so that even though our wants are unlimited, we will eventually eliminate scarcity.