Economists are concerned with an individual's
A) needs because needs are most important to an individual's well being.
B) needs because economists define needs to be the goods people need to survive.
C) wants because wants always lead to shortages in the economy.
D) wants because the existence of wants leads to scarcity.
Answer: D. Wants because the existence of wants leads to scarcity.
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Amy can produce either 5000 pounds of cheese or 20 cars per year. Mike can produce either 5000 pounds of cheese or 10 cars per year. If both Amy and Mike produce the good in which they have comparative advantage, the total annual output of this economy will be ________.
A. 10,000 pounds of cheese and 30 cars B. 10,000 pounds of cheese C. 5,000 pounds of cheese and 20 cars D. 30 cars
Nigeria would be classified by the International Monetary Fund as
A) a resource-based economy. B) an emerging market economy. C) a transition economy. D) a developing economy. E) an advanced economy.
Which of the following might be considered a positive externality?
A) the pollination of an orange grove due to bees kept by a nearby beekeeper B) individuals who did not get the flu, yet did not receive a flu shot when those around them did receive the shot C) better fishing resulting from increased lake temperatures generated by the nearby power plant D) All of the above are correct.
If Congress passed a tax increase at the request of the president to reduce the budget deficit, but the Fed held the money supply constant, then the two policies together would generally lead to ______ income and a ______ interest rate.
Fill in the blank(s) with the appropriate word(s).