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

Economics

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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

What will be an ideal response?

Economics

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.

Economics

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

Economics

Recent declines in union membership are likely to cause the natural rate of unemployment to:

What will be an ideal response?

Economics