To an economist, the term "needs"
A) means the purchase of necessary goods.
B) is objectively undefinable.
C) identifies the purchases of basic goods and services.
D) refers to the purchase of goods by the poor.
B
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The $787-billion stimulus package enacted by the federal government in 2009 to try to deal with the Great Recession was intended to
A. push the aggregate expenditures schedule upward. B. close an inflationary expenditures-gap. C. shift the aggregate expenditures schedule down. D. bring inflation down.
From 8 P.M. to 10 P.M., Susan can attend a movie, study, or talk with friends. Suppose that Susan decides to go to the movie but thinks that, if she hadn't, she would otherwise have talked with friends
The opportunity cost of attending the movie is A) talking with friends and studying. B) studying. C) talking with friends. D) two hours of time.
Antitrust enforcement of vertical relationships is generally focused on
a. The dominant firm using vertical contracts to extend market power to other levels of the supply chain b. Vertical contracts that reduce the intensity of competition c. Vertical contracts that harm consumers d. All of the above
One great challenge to choosing programs to fund is:
A. knowing whether the program is truly the cause of any observed improvement. B. raising the revenue to assess a program's viability. C. poor record keeping. D. All of these present large challenges.