"Wants" as an economic concept includes
A) both material and nonmaterial desires.
B) only the purchase of necessary basic goods.
C) only the desire for luxury goods.
D) only goods and services that consumers need but cannot afford to buy.
Answer: A
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The authors of your text suggest which policy as a way of reducing urban traffic congestion?
A) A federal standard raising the minimum age for a driver's license to 21 years old B) Requiring motorists to pay a toll or fee based on the costs their driving imposes on others C) Increasing gasoline taxes D) Requiring people to drive in car pools
A $1,000 price tag on a stereo system is an example of money as a unit of account
a. True b. False Indicate whether the statement is true or false
A firm that does business in many different countries is called a __________________.
Fill in the blank(s) with the appropriate word(s).
Which of the following is a consequence of competition?
A. An unrelenting squeeze on prices and profit. B. Positive economic profit in the long run. C. Price-gouging behavior. D. Elimination of the most efficient firms.