What will we never do in a world of scarcity?
A. Satisfy all basic human needs.
B. Satisfy all basic human wants.
C. Use all economic resources such that we satisfy the maximum amount of wants.
D. Meet all of society’s wants.
Ans: D. Meet all of society’s wants.
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Refer to Figure 7.1. Start from initial equilibrium. If the economy experiences increased immigration, the new real wage could be ________ and the new amount of labor employed could be ________
A) X; C B) Y; A C) Z; C D) Z; A
During the Great Depression of the 1930s when the unemployment rate was exceptionally high due to the Great Depression, the government had employment programs, such as the Civilian Conservation Corps, which built campsites and planted trees. These programs were aimed at reducing which type of unemployment?
A) cyclical B) avoidable C) structural D) frictional E) discouraged