A scarce resource is one that:
A) has two or more alternative uses.
B) exhibits the basic properties of a free good.
C) is confronted only under socialist conditions.
D) has an unlimited supply.
Ans: A) has two or more alternative uses.
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Oil prices increased significantly in 2008. According to the Keynesian model, this increase in oil prices should have caused which of the following to occur?
A) demand-pull inflation B) demand-push inflation C) cost-push inflation D) cost-pull inflation
Of the following demographic groups, which has the lowest poverty rate in the U.S.?
A. Families headed by a female with no husband. B. Families in which the "head of the household" has not attained a high-school education. C. Families headed by a male with no wife D. Families in which the "head of the household" has attained at least a bachelor's degree from a college or university.