Explain the difference between human needs and wants
What will be an ideal response?
Needs are objectively undefinable. Needs are the essentials of life: food, clothing, water and shelter. They are basics of life you can't live without. Needs are things you have to have, items you can't do without. Wants are things you desire to increase your level of happiness. They are not absolutely necessary. Humans have unlimited wants, and so they cannot have all of them given limited resources.
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List some types of non-price rationing systems
What will be an ideal response?
The silly clothes worn by a circus clown are an example of:
a. a natural resource. b. capital goods. c. labor. d. entrepreneurship.
The most important reason for why some people have higher incomes than others is
A. employment discrimination. B. differences in wages and salaries. C. property income. D. government transfer payments.
Refer to the information provided in Table 31.1 below to answer the question(s) that follow.Table 31.1PeriodQuantity of Labor (L)Quantity of Capital (K)Total Output (Y)1 50 50 2002 60 50 2203 70 50 2354 80 50 245Refer to Table 31.1. From Period 3 to Period 4, the marginal return to labor is equal to
A. 1.0. B. 3.06. C. 3.36. D. 10.0.