1Singlechoice1
Thephenomenonofscarcitystemsfromthefactthat()
A) mosteconomies'productionmethodsarenotverygood
B) inmosteconomies,wealthypeopleconsumedisproportionatequantitiesofgoodsandservices
C) governmentsrestrictproductionoftoomanygoodsandservices
D) resourcesarelimited
Inamarketeconomy,supplyanddemandareimportantbecausethey()
A) playacriticalroleintheallocationoftheeconomy'sscarceresources
B) determinehowmuchofeachgoodgetsproduced
C) canbeusedtopredicttheimpactontheeconomyofvariouseventsandpolicies
D) Alloftheabovearecorrect
Whatwillhappentotheequilibriumpriceofnewtextbooksifmorestudentsattendcollege,paperbecomescheaper,textbookauthorsacceptlowerroyalties,andfewerusedtextbooksaresold
()A) Pricewillrise
B) Pricewillfall
C) Pricewillstayexactlythesame
D) Thepricechangew