Why do individuals and businesses have to make decisions?
A. Because resources are scarce
B. Because they want to avoid trade-offs
C. Because government regulations require it
D. Because it is the only way to increase income
Answer: A
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Changes in the health of the average person are an important indicator of changes in the standard of living
Indicate whether the statement is true or false
The introduction of a tax in a perfectly competitive marketplace that is originally in equilibrium will only affect consumer’s surplus and not producer’s surplus.
Answer the following statement true (T) or false (F)
When a night watchman only performs two walk-throughs per night when he is being paid to perform five walk-throughs per night, it is an example of
a. both moral hazard and adverse selection. b. neither moral hazard nor adverse selection. c. moral hazard, but not adverse selection. d. adverse selection, but not moral hazard.
The dollar appreciates against foreign currencies. This makes foreign-produced goods __________ for Americans and U.S.-produced goods __________ for foreigners. As a result, U.S. __________ fall and U.S. __________ rise
A) more expensive; cheaper; imports; exports B) cheaper; more expensive; exports; imports C) cheaper; more expensive; imports; exports D) more expensive; cheaper; exports; imports