From the economist's point of view
A) wants and needs are exactly the same.
B) a want is a lifesaving necessity.
C) needs are objectively undefinable.
D) we all have wants but only very poor people have needs.
C
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Economists measure the output of an economy by
Fill in the blank(s) with the appropriate word(s).
In some cases, firms that are accused of antitrust violations by federal authorities will plead guilty to the criminal charges in order to avoid facing the same charges in a private or civil trial. Why?
A) Attorneys in civil cases tend to be more effective at proving their claims. B) The penalties for a conviction in a civil or private case are treble damages, or three times larger than the penalties in a criminal or public case. C) Judges in criminal cases are known to be more lenient. D) none of the above
If the inflation rate is higher than expected, real income is redistributed from lenders to borrowers
a. True b. False
If U.S. goods became less desirable to the British, there would be
a. a rightward movement along the supply of British pounds curve in the dollar-pound market b. a leftward movement along the supply of British pounds curve in the dollar-pound market c. a rightward shift of the supply of British pounds curve in the dollar-pound market d. a leftward shift of the supply of British pounds curve in the dollar-pound market e. no change in the supply of British pounds curve in the dollar-pound market