Which of the following describes a problem created by scarcity?
A. The course you need to take in the fall is offered at times that conflict with your work schedule.
B. The White House eliminates tours due to budget constraints.
C. Your cell phone battery is low and you screen a phone call from afriend in case your significant other calls later.
D. All of these.
D. All of these.
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Oligopolistic firms never collude because they have almost no incentive to do so
a. True b. False Indicate whether the statement is true or false
Sheila and Jim live in an island where they are the only two workers. Sheila can either catch 10 fish or gather 40 pounds of berries each day, and Jim can either catch 8 fish or gather 24 pounds of berries each day. Both of them work 200 days per year. At current world prices 1 fish trades for 3.5 pounds of berries. Who has the comparative advantage in producing berries?
A. Sheila B. Sheila and Jim C. Jim D. Neither of them