Scarcity
A) exists in all human societies.
B) is a problem for less-developed nations only.
C) used to be a problem, but is not an issue for modern industrial nations.
D) afflicts greedy people only.
Answer: A
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The key issue with competition is the role competition plays in eliminating ________ and making the ________ as large as possible
A) cooperative surplus; profits B) producer surplus; consumer surplus C) deadweight losses; cooperative surplus D) shortages; total revenue
If there are large disparities in wage levels between countries, then
A) trade is likely to be harmful to both countries. B) trade is likely to be harmful to the country with the high wages. C) trade is likely to be harmful to the country with the low wages. D) trade is likely to be harmful to neither country. E) trade is likely to have no effect on either country.