The most basic concept in economics is
A. human need.
B. scarcity.
C. wealth.
D. income.
Answer: B
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All else equal, a decrease in the rate of inflation ________ aggregate spending and ________ short-run equilibrium output.
A. decreases; decreases B. increases; increases C. decreases; increases D. increases; decreases
A polluted river has 20 homes on it that rent for $1,000 each per month. Homes on a similar river that is not polluted rent for $2,000 each per month
The river is polluted because there are two factories on the river that dump polluted water in the river. Each factory could install a filter that would cost $5,000 each and would reduce the pollution in the water to a negligible level. The external cost in this problem is A) $20,000. B) $5,000. C) $10,000. D) $30,000.
U.S. government debt as a percentage of GDP has been:
A. falling steadily since World War II. B. unchanged since World War II. C. increasing steadily since World War II. D. fluctuating since World War II.
Since we all like to get richer, so when wage rate increases we always like to work longer hours to make more income
a. True b. False Indicate whether the statement is true or false