Which of the following statements is true?
A) Gold is not a scarce resource.
B) Both life-saving drugs and ice cream are examples of scarce goods.
C) If a scarce resource is given away for free, everyone will be able to consume it.
D) Scarcity means that there is an imbalance between unlimited resources and limited wants.
B
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Which of the following is true about government activity in the United States?
a. Macroeconomic policy is handled mainly at the state level. b. Higher education is handled mainly at the national level. c. Primary and secondary education is handled mainly at the local level. d. Primary and secondary education is handled mainly at the national level. e. Police and fire protection are handled mainly at the state level.
The marginal utility of a second copy of today's New York Times is
a. infinite b. practically zero c. positive and greater than the marginal utility of the first copy d. equal to the marginal utility of the first copy e. 50 cents