After subsistence levels of food, shelter, and clothing have been provided, economists refer to all other goods and services as:
A. "needs".
B. "wants".
C. "luxuries".
D. "inferior goods".
Answer: B
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The trade-offs made by the U.S. government to fund the war in Iraq
A) exceed the benefits derived from the war. B) show that the government is justified in its war spending. C) prove that the government is spending too much on the war. D) represent what was potentially sacrificed to engage in the war.
Suppose the Herfindahl-Hirschman Index (HHI) in the market for chocolate is 3,200. Two companies want to merge. The FTC definitely will challenge the merger if it increases the HHI by more than
A) 150 points. B) 100 points. C) 40 points. D) 200 points.
In the equation S = Y - C, in order to interpret Y as disposable income, it is necessary to interpret S as ________ saving
A) private B) national C) government D) business
Outsourcing is a logical extension of David Ricardo's 1817 _____________
a. Theory of Pro-Active Stress b. Peter Principle c. Theory of Comparative Advantage d. Theory of Dometic Economics