Scarcity always exists because
a. machines and people are inefficient.
b. changes have occurred in global weather patterns.
c. our needs and wants are not limited, but our resources are limited.
d. there are more poor people than rich people.
Ans: c. our needs and wants are not limited, but our resources are limited.
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The video rental market can be described as a monopolistically competitive market. As a result of the economic profit earned by the first video rental outlets,
a. existing firms were able to successfully lobby the government for patent protection b. competitors were attracted to the industry, and their entry reduced economic profit c. demand dried up d. Blockbuster saw an opportunity to take over the industry e. competitors were discouraged from entering the industry
One reason why purchasing power parity may not work perfectly is that some goods, because of their nature, are difficult to trade
a. True b. False