Which of the following factors is always present in consumer decision making?
A. Taxes
B. High prices
C. Scarcity
D. Changing consumer tastes
E. Cost-of-living adjustments to income
Answer: C
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Carefully define the following terms and explain their importance to the study of economics. a. Resources b. Rational decision c. Scarcity d. Opportunity cost
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The increase in the demand for widgets, shown in the figure above, is the result of an increase in people's incomes from $28,500 per year to $31,500 per year. Therefore, the income elasticity of demand for widgets is
A) 0.25. B) 0.75. C) 1.33. D) 4.00.
Which one of the following is not considered a financial intermediary?
A) a pension fund B) an insurance company C) a credit counselor D) a bank
Recent declines in union membership are likely to cause the natural rate of unemployment to:
What will be an ideal response?