The Scarcity Principle applies to:
A. only market decisions, e.g., buying a car.
B. all decisions.
C. only non-market decisions, e.g., watching a sunset.
D. only the poor.
Answer: B
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What will be an ideal response?
Which of the following is(are) true regarding the median voter model?
a. In majority voting systems, either the right-wing or the left-wing wins, and so the median voter is the only voter guaranteed not to get his/her preferences met. b. In majority voting systems, the median voter is always a part of the losing side, and so no voter wants to be the median voter. c. In majority voting systems, the median voter determines which outcome wins. d. In majority voting systems, the median voter is always a part of the wining side, and so no voter wants to be the median voter.
Social costs are
A. external costs minus internal costs. B. costs borne by society whenever a resource-using action takes place. C. costs incurred in governmental welfare programs. D. costs incurred by government and borne by all taxpayers.
A person who takes less care of his health after obtaining a health insurance is creating a negative externality
a. True b. False Indicate whether the statement is true or false