The necessity for choice, in economics, arises from
a. high incomes and many goods.
b. scarcity of economic means for satisfying economic wants.
c. scarcity of time and knowledge, and numerous similar goods.
d. All of the above are correct.
b
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In an auction where the bidders values are $400, $500, $650, $800 and $850, the highest two bidders form a bid-rigging cartel. What would have the winning bid been if there was no cartel?
a. $501 b. $651 c. $801 d. $846
Consider the following regression equation: y= 
0+ 1x1 + … +
src="https://sciemce.com/media/2/ppg__cognero__Ch_07_Multiple_Regression_Analysis_with_Qualitative_Information__media__719eb76b-8341-45e9-9b56-8551fff4b40c.PNG" style="vertical-align:middle;" />kxk + u In which of the following cases, is ‘y' a discrete variable? A. y indicates the gross domestic product of a country B. y indicates the total volume of rainfall during a year C. y indicates household consumption expenditure D. y indicates the number of children in a family
Refer to the following computer output from estimating the parameters of the nonlinear modelY = aRbScTdThe computer output from the regression analysis is: 
Based on the info above, if S increases by 8% (all other things constant), Y will
A. decrease by 4.4%. B. increase by 0.44%. C. decrease by 3.52%. D. decrease by 0.44%.
An increase in the price level causes government spending to:
A. increase in social welfare spending only. B. decrease. C. remain unaffected. D. increase.