How does scarcity affect the range of possible choices that decision makers face?
a. It narrows the choice to a single option.
b. It narrows the range of choices.
c. It increases the possible methods for solving problems.
d. It clarifies the choices by highlighting the best solutions.
e. It simplifies the choices and therefore widens the range.
b
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Growth in labor productivity in the economy as a whole has been ________ labor productivity in health care
A) slightly faster than B) almost twice as slow as C) approximately equal to D) more than twice as fast as
One way to minimize the deadweight loss resulting from a specific tax is to
a. tax only wealthy firms and individuals. b. spread the tax over many goods and services. c. tax goods for which either supply or demand is inelastic. d. tax luxury items such as yachts and sports cars.