Economic resources are
A) all the items that people would purchase if they had limited wants.
B) all the unlimited items that people would purchase with limited income.
C) items of value that are used to make other things that satisfy people's wants.
D) the total planned expenditures throughout the nation.
Answer: C
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Which of the following is a characteristic of a real option?
a. The call option on a stock exercised if some average of the prices of its components passes a critical level. b. The right to postpone construction on the basis of net present value calculation. c. The put option on a stock that need to be paid for (at a predetermined price) if they are actually exercised. d. The right to sell an option at the strike price.
A statement of opinion about which policy is best for America is
a. an abstraction b. a positive statement c. a normative statement d. a philosophical conundrum e. empirically verifiable
A level of insurance is said to be actuarially fair when in which of the following situations?
a. Premiums that someone pays are less than the amount that an average person in that risk group would collect in insurance payments. b. Everyone in a risk group pays the same amount regardless of insurance payments collected. c. Premiums that someone pays are equal to the amount that an average person in that risk group would collect in insurance payments. d. Everyone in a risk group pays more than the average person in that risk group would collect in insurance payments.
Based on the graph showing the run-up of nominal home prices, if a person had wanted to buy a house, hold it for five years, and then sell it for a profit, which of the following years would have been the best to make the purchase in?
a. 1899
b. 1941
c. 1984
d. 2001