The large increase in household wealth in the United States in the 1990s was the result of:
A. large capital gains.
B. a low saving rate.
C. a high saving rate.
D. high rates of inflation.
Answer: A
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The concept of scarcity as used by economists refers to:
a. a situation of excess supply. b. a situation in which the available resources are not enough to satisfy the wants of the people at a zero price. c. a situation in which an item is available only in very small quantities. d. a situation in which an item is very expensive. e. a situation in which a resource is nonrenewable.
The expected marginal benefit to you from purchasing a new sport utility vehicle is $20,000 . The price of the new sport utility vehicle is $22,000. a. If you are acting rationally, you will borrow $2,000 and purchase a new sport utility vehicle
b. You will not purchase the new sport utility vehicle at this time if you are acting rationally. c. If you do not purchase the new sport utility vehicle, your net loss will be $2,000. d. If you are acting rationally, you will purchase sport utility vehicles until the marginal cost of doing so falls to $20,000.