Mick Jagger, a former student at the London School of Economics, once sang, “You can’t always get what you want, but if you try sometime, you just might find you can get what you need.” Another statement of the basic economic principle expressed in this lyric is that
A. rational decisions are not always possible.
B. you can allocate your resources to what gives you the highest value.
C. you can create the supply to meet your own demand.
D. you can maximize social welfare by making optimal decisions.
Answer: B
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In 1973, mainstream sources predicted that the world would run out of oil in
A) 20 years. B) 40 years. C) 100 years. D) Mainstream sources in 1973 predicted the world would never run out of oil.
Government has the power to reduce the _____ associated with air pollution by automobiles because it can force changes in car design, can impose taxes on drivers, and has the power to punish those who fail to comply
a. private cost b. transaction cost c. opportunity cost d. positive externality
The demand curve is a graphic representation of:
a. the relationship between price and quantity supplied of a certain good or service. b. the relationship between price and quantity demanded of a certain good or service. c. the relationship between supply and demand for a certain good or service. d. the relationship between productivity and quantity demanded of a certain good or service.
When a country abandons no-trade policies in favor of free-trade policies and becomes an importer of steel, then the domestic price of steel will increase as a result
a. True b. False Indicate whether the statement is true or false