Economists believe that people's wants are
A) finite.
B) infinite.
C) irrational.
D) unimportant because needs are more important than wants.
B
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All points on the production possibilities frontier
A) are production inefficient. B) achieve allocative efficiency. C) are production efficient but only one point achieves allocative efficiency. D) are allocatively efficient but only one point achieves production efficiency. E) are allocatively inefficient.
The FE line
A) is horizontal. B) is vertical. C) slopes downward. D) slopes upward.
Economic theory suggests that the consumer prejudice explanation for discrimination means that consumers will have to pay more to be served by employees of a specific group
a. True b. False Indicate whether the statement is true or false
Who among the following benefits from inflation?
a. Patrick Roy who borrowed $10,000 from a bank to pay the downpayment on a house he bought in Denver b. The Denver National Bank who provided Patrick Roy with the $10,000 to make the downpayment c. Jerry Swanson, a landlord who holds a 5-year lease on an apartment rented to students off campus at the University of Arizona d. Peter Schran who loaned Larry Neal $500 without charging Larry any interest e. Ian McDonald who is retired and lives on his $700 per week pension