Trade-offs force society to make choices when answering what three fundamental questions?
A) What will be the prices of goods and services; how will these goods and services be produced; and who will receive them?
B) What goods and services to produce; how will these goods and services be produced; and who receives them?
C) Who gets jobs; what wages do workers earn; and who owns what property?
D) How much will be saved; what will be produced; and how can these goods and services be fairly distributed?
Answer: B
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According to the law of demand, consumers will
A) change their production plans when the price of a good changes. B) change their consumption plans when the price of a good changes. C) change their demand when the price of a good changes. D) increase their quantity demanded when the price of a good increases. E) decrease their quantity demanded when the price of a good decreases.
If losses are unavoidable in an uncertain world, then
A) profits are too. B) profits are only the result of good luck. C) profits are avoidable. D) profits are the result of people acting with perfect information.
In the long run, under perfect competition:
A) firms earn positive economic profit because of economies of scale. B) firms earn positive accounting profit because of government regulations. C) firms earn zero economic profit because of free entry and exit of firms. D) firms earn negative economic profit because of free entry and exit of firms.
Which of the following will likely have the strongest demand for large expenditures on environmental quality?
a. wealthy countries b. poor countries c. countries with air pollution problems d. countries with water pollution problems