Which of the following best explains why both nations with high living standards and nations with low living standards face the problem of scarcity?
a. All nations face the same microeconomic issues.
b. All nations face the same macroeconomic issues.
c. All individuals, whether rich or poor, are dissatisfied with their material well-being and would like more.
d. all of the above options are correct.
c. All individuals, whether rich or poor, are dissatisfied with their material well-being and would like more.
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A singer would willingly perform in a concert for $100,000. If she is paid $500,000 for the concert, she is
A) receiving $500,000 to cover her opportunity cost. B) not being paid her full opportunity cost. C) receiving $400,000 of economic rent. D) certainly being paid more than warranted by the level of demand.
Because of the history of banking panics in the U.S., one of the Fed's primary functions is to
a. dispel rumors about bank problems b. act as a lender of last resort c. hold banks accountable for their actions d. call in loans e. increase the profit that each bank makes