To an economist, the term "needs"
A. identifies the purchases of basic goods and services.
B. refers only to material desires but not nonmaterial desires.
C. refers to the purchase of goods by the poor.
D. is objectively undefinable.
Answer: D
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Economic rents are typically counted as:
A) accounting costs but not economic costs. B) accounting and economic costs. C) economic costs but not accounting costs. D) none of the above
______ is the expenditure needed to construct a building of equal utility to the existing building.
Fill in the blank(s) with the appropriate word(s).
If the interest rate is zero, a promise to receive a $100 payment one year from now is:
A. more valuable than receiving $100 today. B. equal in value to receiving $101 today. C. equal in value to receiving $100 today. D. less valuable than receiving $100 today.
Which of the following would shift the supply curve for MP3 players to the right?
A) a decrease in the number of firms that produce MP3 players B) an increase in the price of a substitute in production C) a decrease in the price of an input used to produce MP3 players D) an increase in consumer income (assuming that all MP3 players are normal goods)