In economics, all the items that people would consume if they had unlimited income are known as
A. wants.
B. needs.
C. aggregates.
D. outputs.
Answer: A
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If the consumption of a good by one person reduces its consumption by others, then the good is
A. nonrivalrous in consumption. B. rivalrous in consumption. C. nonexcludable. D. excludable. E. b and d
Peg's Kegs sells kegs in a perfectly competitive market. Because low demand forced price below average variable cost, Peg has made the short-run decision to shut down. Her current loss is
a. zero b. greater than if she had kept operating c. the same as the losses she was incurring while operating d. equal to fixed cost e. less than her total revenue
A significant decline in real GDP is called a
a. recession. b. depression. c. peak. d. trough.
An example of a commitment device for Jane, who says she really wants to save more would be:
A. an agreement that she give any new clothes, jewelry, or makeup purchases to her best friend, and Jane is not allowed to borrow them. B. a decision to cook her own food and not order take-out or delivery food unless she is too busy. C. a commitment to only buy things on sale. D. buying a piggy bank to store savings.