Briefly explain why people make choices
What will be an ideal response?
People make choices because of scarcity. Scarcity exists because resources are insufficient to satisfy people's every desire.
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With regard to the characteristics of production indifference curves, which of the following statements is/are NOT true?
A. Higher curves correspond to larger outputs. B. An indifference curve will generally have a negative slope. C. An indifference curve is typically assumed to curve inward toward the origin near its middle. D. All of the responses are true for production indifference curves.
If Sail Away Cruises offers customers a free cruise ticket with each full priced cruise ticket purchased, this is an example of ________.
A) zero-degree price discrimination B) first-degree price discrimination C) third-degree price discrimination D) second-degree price discrimination
The opportunity cost of going to the movies is always the same for everyone
a. True b. False Indicate whether the statement is true or false
If statistical analysis does not show clusters of characteristics
a. We can divide the world into economic systems b. factors other than the economic system affect outcomes c. growth cannot be measured accurately d. we can study institutional economics but not comparative economic systems e. None of the above