Economists are concerned with an individual's
A) needs because needs represent the most important goods to an individual.
B) needs because economists define needs to be the goods people need to survive.
C) wants because, unlike needs, wants lead to shortages in the economy.
D) wants because the existence of wants leads to scarcity.
D
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A negative externality
a. is a cost to a bystander. b. is a cost to the buyer. c. is a cost to the seller. d. exists with all market transactions.
According to purchasing-power parity, if prices in the United States increase by a smaller percentage than prices in the United Kingdom, then the
a. real exchange rate rises. b. nominal exchange rate rises. c. real exchange rate falls. d. nominal exchange rate falls.
Why is GDP not a good measure of aggregate welfare?
A. GDP includes the value of intermediate goods B. trade between countries is not included in GDP C. GDP does not include the value of production done in the home D. the government calculates GDP
Which of the following is NOT a problem caused by black markets?
A) Legally banned goods are traded in black markets. B) Black markets pose a threat to legitimate businesses. C) Black markets lead to an inefficient use of society's resources. D) Black markets lead to a fall in the demand for goods.