Economic goods are
A. abundant goods, about which we must constantly make decisions about their best use.
B. all intangible items from which individuals derive satisfaction or happiness.
C. goods that are scarce, for which the quantity demanded exceeds the quantity supplied at any price.
D. goods that are scarce, for which the quantity demanded exceeds the quantity supplied at a zero price.
Answer: D
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Which of the points show efficient production points?
A) all points above the TP curve B) all points on the TP curve C) all the darkened points below the TP curve D) all the points above and on the TP curve E) all the darkened points below and on the TP curve
In an economy, 42 million people are in the labor force, 38 million are employed, and 47 million are of working age. How many people are not in the labor force?
A) 19 percent B) 9 million C) 5 million D) 4 million
Where pollution is prevalent, we might expect that
a. externalities are being effectively internalized b. marginal social costs are greater than marginal private costs c. marginal costs are greater than marginal benefits d. marginal private costs are greater than marginal social costs e. externalities are not important
If the demand for pizza increases, then as a result, it is highly likely that the demand for:
A. soda will increase. B. mozzarella cheese will increase. C. chicken nuggets will fall. D. All of these are a likely result.