Which of the following sets of terms describes the problem of scarcity in economics?
A) goods, land, and needs
B) labor, needs, and opportunity costs
C) choices, opportunity costs, and trade-offs
D) production, consumption, and wants
Answer: C
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According to your textbook, a "free" good is
A) a good paid for by someone else. B) a stolen good. C) a good given away by charities. D) a good obtained without any sacrifice whatsoever.
Which of the following goods is most likely to have a negative income elasticity of demand?
a. Automobiles b. Bargain brand noodles c. Shoes d. Fine Jewelry
The statement "American workers are lazy" is an example of positive economic analysis
a. True b. False Indicate whether the statement is true or false
In a monopoly market,
A. profits will always be positive because the firm is the only supplier in the market. B. other firms have no incentive to enter the market. C. the demand facing the firm is downward-sloping because it is the market demand. D. a and b E. none of the above