Which of the following is correct about the economic decisions consumers, firms, and the government have to make?
A) Each faces the problem of scarcity which necessitates trade-offs in making economic decisions.
B) Governments may face the problem of shortages but not scarcity in making economic decisions.
C) Firms and the government face scarcity, individuals only face shortages.
D) Only individuals face scarcity; firms and the government do not.
A
You might also like to view...
Credibility is not important in ________
A) new Keynesian and traditional Keynesian theory B) real business cycle and traditional Keynesian theory C) real business cycle and new Keynesian theory D) traditional Keynesian, new Keynesian and real business cycle theory
American economic history is important because it will help you understand
(a) how to change strategically the course of the future since it was shaped by the past. (b) why some armies failed and others succeeded. (c) how to change the past. (d) how to produce the exact same type of successful growth and development in other countries.
Which of the following best explains an economic criticism of unregulated monopolists?
a. Monopolists do not try to minimize their costs of production. b. Monopolists produce where marginal revenue is greater than marginal costs. c. Monopolists attempt to produce too many products, and as a result, their prices are high, and consumer's waste time trying to choose between too many options. d. Monopolists restrict output, and as a result, they fail to produce units that are valued more than the marginal cost of producing them.
Minority workers are underrepresented and have less access to certain high-paying occupations. This illustrates:
A. human-capital discrimination. B. the crowding model. C. the taste-for-discrimination model. D. statistical discrimination.