Economists recognize that because people have limited resources:
A. they will never be happy.
B. our future is bleak.
C. they have to make trade-offs.
D. government intervention is necessary.
Answer: C
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A perfectly competitive market is characterized by
A) high barriers to entry. B) firms that are price setters. C) firms facing a downward sloping demand curve. D) no restrictions on entry into the market.
The demand curve for a Giffen good is
A) non-existent. B) upward sloping. C) non-linear but downward sloping. D) vertical.
As of 2013, how large is the debt of developing countries to the rest of the world?
A) $350 million B) $350 billion C) $7 trillion D) $35 trillion E) $3.5 trillion
If the percentage change in price is 10%, and the percentage change in quantity supplied is 5%, then the supply for the good is
A. perfectly inelastic. B. inelastic. C. elastic. D. unit elastic.