Why is it that all of our wants cannot be satisfied?
A. because of shortages
B. because we cannot seem to decide what we really want
C. because limited resources mean all the goods we want cannot be obtained
D. because other people try to change your mind about what you want
Answer: C
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Which of the following environmental problems are largely caused by persistent poverty?
(a) Deforestation. (b) Soil erosion. (c) Ground water contamination. (d) All of the above.
Firms tend to raise the price of their goods after acquiring a firm that sells a substitute because
a. They lose market power b. There is an increase in the overall demand for their products c. The bundle has a more elastic demand than individual goods d. The bundle has a more inelastic demand than individual goods
A demand curves describes
a. the amount of units a consumer will purchase at a given price b. the amount of units a producer will sell at a given price c. both the amount of units that a consumer will buy and a producer will produce at a given price d. the amount of units supplied given a change in prices
Although economists and accountants treat many costs differently, they both treat the cost of capital the same
a. True b. False Indicate whether the statement is true or false