A valid and useful theory of gold prices:
A) helps to predict the movements of gold prices over time.
B) may be founded on simplifying assumptions.
C) need not exactly predict every change in gold prices.
D) all of the above
E) none of the above
Question 2
Economics is about the allocation of scarce resources. Which of the following is NOT an example of economic scarcity?
A) If Steve goes to see a movie on Saturday, he will not be able to afford buying ice cream.
B) If Jenny studies for her economics quiz this evening, she will not have time to walk her dog.
C) If General Motors increases its production of SUVs this year, it will have to spend more on advertising.
D) If Barnes and Noble bookstore increases the number of titles it carries, it will have to reallocate shelf space to accommodate the new titles.
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