Human beings
A) have unlimited wants.
B) think they have unlimited wants, but really have limited needs.
C) have limited wants, but unlimited needs.
D) know what their needs are, but do not know what their wants are.
Answer: A) have unlimited wants.
You might also like to view...
If the number employed is 190 million, the working-age population is 230 million, and the number unemployed is 10 million, then the unemployment rate is
A) 5%. B) 5.2%. C) 8%. D) 10%. E) 50%.
Does it make sense to consider the returns to scale of a production function in the short run?
A) Yes, this is an important short-run characteristic of production functions. B) Yes, returns to scale determine the diminishing marginal returns of the inputs. C) No, returns to scale is a property of the consumer's utility function. D) No, we cannot change all of the production inputs in the short run.
Knowledge has become measurably more important in today's economy
Indicate whether the statement is true or false
The reason why national defense is commonly provided by the government, while food is not, is that food:
a. is too essential to survival to be provided by a bureaucratic organization. b. manufacturers have successfully lobbied the government to stay out of the food industry. c. can easily be withheld from those who refuse to pay for it. d. provision is subject to a free-rider problem.