What are the two parts of the economic problem?
a. economics explains many things, but only things that are related directly to money
b. natural resources are scarce but human-made resources are not.
c. scarcity forces us to choose and choices are costly because we must give up other opportunities that we value.
d. we have unlimited wants and unlimited resources.
c
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Refer to the figure below. What is the price elasticity of demand when the price of rice is $6 per pound? 
A. 0.5 B. 3 C. 2 D. 0.67
The demand for Honda Accords is probably
A) inelastic but more elastic than the demand for automobiles. B) elastic and more elastic than the demand for automobiles. C) inelastic and less elastic than the demand for automobiles. D) elastic but less elastic than the demand for automobiles.
The law of supply implies that the supply curve is
A) flat. B) upward sloping. C) downward sloping. D) vertical.
Actions that ignore the possible long-run benefits of cooperation and focus solely on short-run gains are
A. a zero-sum game. B. a negative-sum game. C. opportunistic behavior. D. tit-for-tat strategic behavior.