Scarcity is:
a. only a problem in modern industrialized economies
b. only a problem in impoverished economies.
c. only a problem in centrally planned economies.
d. a problem that necessitates making choices and tradeoffs.
d
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Patrick is considering two different jobs in the same city-one as a bicycle courier, and the other as a mail room clerk. Both require equivalent training. He finds neither job very appealing, but, if they pay the same wage rate, Patrick would prefer to work as a mail room clerk. In order for Patrick to find the two jobs equally attractive, the
a. mail room job must pay a compensating wage differential b. mail room job must pay a preference premium c. courier job must pay a compensating wage differential d. courier job must involve longer working hours e. mail room job must involve longer working hours
The cost disease of the service sector is evidenced by
a. a failure of the market mechanism. b. increased quality of public and private services. c. dramatic increases in municipal budget burdens for education, health care, and police and fire protection. d. the increased productivity in the services area.