A key theme fundamental to all of economics is:
A) there are limited wants.
B) we are a rich country but are simply not aware of it.
C) people have unlimited wants facing limited means to satisfy them.
D) there are unlimited resources.
Ans: C) people have unlimited wants facing limited means to satisfy them.
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In an English open outcry auction,
a. bidding opens at a high price and then the price falls until only one buyer remains b. bids and offers may be made in any order c. sellers with market power capture most of the benefit d. sellers outnumber buyers e. bidding opens at a low price and the price then increases until only one buyer remains
If a Lorenz curve were constructed for the distribution of wealth, the curve would
a. indicate greater inequality for wealth than income. b. indicate less inequality for wealth than income. c. be identical to the Lorenz curve for income. d. be a straight line from the origin.