Ex-London School of Economics student Mick Jagger sang, "You can't always get what you want, but if you try sometime, you just might find you can get what you need." Another statement of the basic economic principle expressed in this lyric is that
a. rational decisions are not always possible.
b. you can allocate your resources to what gives you the highest value.
c. you can create the supply to meet your own demand.
d. you can maximize social welfare by making optimal decisions.
B
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The establishment of a government redistributive program such as price supports creates _____
a. higher consumer consumption b. above-normal annual profits c. a transitional gain d. independency among recipients
In order to be able to consume more in the future, you have to consume
A) less today and save the difference. B) more today to increase supply. C) more consumer goods. D) fewer capital goods.
A trade deficit experienced by a country during a year generally signals the poor health of the economy
a. True b. False Indicate whether the statement is true or false
A good is excludable if
a. one person's use of the good diminishes another person's enjoyment of it. b. the government can regulate its availability. c. it is not a normal good. d. people can be prevented from using it.