The fact that our wants are unlimited but our resources are limited implies that
A) we should limit our wants.
B) entrepreneurship has failed as an economic system.
C) we have to make choices.
D) the only way to make someone better off is to make someone else worse off.
Answer: C
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When a good ends up overconsumed and depleted, we can assume it is a:
A. scarce good. B. common resource. C. public good. D. private good.
Which of the following statements most likely lies within the realm of macroeconomics?
A. An increase in the price of automobiles will lead to a decrease in the quantity of automobiles demanded. B. Due to process innovations in computer chip manufacturing, the market supply of computers increased. C. Due to an economic recession, manufacturing firms began implementing layoffs of their workforces. D. Anticipating that the benefits would outweigh costs involved, an undergraduate student purchases the course textbook.
When supply increases and the supply curve shifts to the right, equilibrium price ________ and equilibrium quantity ________
A) increases; decreases B) decreases; decreases C) increases; increases D) decreases; increases
One general characteristic of collective action problems is that
A) no individual has any incentive to act in the best interest of the grou