Natural resources are
a. not considered scarce because no one pays for them
b. only desired for use in producing other goods
c. included in the category of resources called gifts of nature
d. available in unlimited quantities
e. not considered scarce because they are not produced by society
C
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If a union negotiated a wage above the market equilibrium wage, we would find
A) a surplus of laborers at the negotiated wage. B) a shortage of laborers at the negotiated wage. C) higher efficiency of labor at the negotiated wage. D) lower worker productivity at the negotiated wage.
If a nation exports a product, then the price of that product in the nation:
A. Will rise above the domestic (no-trade) equilibrium price B. Will fall below the domestic (no-trade) equilibrium price C. Will remain the same as the domestic (no-trade) equilibrium price D. May either rise or fall, depending on the product