A Rolling Stones song goes: "You can't always get what you want." This echoes an important theme from microeconomics. Which of the following statements is the best example of this theme?
A) Consumers must make the best purchasing decisions they can, given their limited incomes.
B) Workers do not have as much leisure as they would like, given their wages and working conditions.
C) Workers in planned economies, such as North Korea, do not have much choice over jobs.
D) Firms in market economies have limited financial resources.
A
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If demand is inelastic and the price of a product decreases by 100 percent, then
A. the change in quantity demanded is equal to 100 percent. B. the change in quantity demanded is greater than 100 percent. C. the decrease in quantity demanded is greater than 0 percent. D. the change in quantity demanded is less than 100 percent.
The table above shows Mary's utility from chips and soda. The table shows that
A) Mary prefers sodas to chips. B) Mary will consume no soda and only chips. C) Mary's marginal utility decreases as she consumes more chips. D) Mary's total utility decreases as she consumes more chips.
Your teacher decides to play a game where every student must contribute a dollar. All money collected is distributed at the end of the game among the students. This is an example of a
A) positive-sum game. B) zero-sum game. C) strategy. D) negative-sum game.
The price for labor is the wage rate. What happens to the quantity of labor supplied if wages increase?
a. It increases. b. It decreases. c. It does not change. d. Uncertain-economic theory has no answer to this question.