Economic goods are
A) abundant goods, about which we must constantly make decisions about their best use.
B) all imaginable items from which individuals derive satisfaction or happiness.
C) goods that are scarce, for which the quantity demanded exceeds the quantity supplied at a zero price.
D) goods that are scarce, for which the quantity demanded exceeds the quantity supplied at any price.
Answer: C
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As a result of an increase in the supply of a good, the equilibrium quantity ________ and the equilibrium price ________
A) increases; falls B) increases; rises C) decreases; falls D) decreases; rises
The primary source of revenue at the federal level is:
a. the corporate income tax. b. the personal income tax. c. property taxes. d. sales taxes. e. customs duties.
The following economy produces two products.ProductsProduction Possibilities?ABCDEFSteel012345Wheat100907555300Refer to the above table. The total opportunity cost of the three units of steel is:
A. 45 units of wheat. B. 15 units of wheat. C. 20 units of wheat. D. 55 units of wheat.
If a can of soda costs $1.00 today, how much would it cost in two months if the prices go up by 50 percent per month?
A. $2.25 B. $1.50 C. $2.00 D. $2.50