Something is valuable if:
A. it does not involve a trade-off.
B. it is a good or a service.
C. someone wants it.
D. it was made using resources.
C. someone wants it.
You might also like to view...
Which of the following would empirically support the claim that slave owners were optimistic about the future of the slave system in the 1850s?
(a) Rising slave prices (b) An increasing demand for slaves (c) A positive net return to slave purchases (d) All of the above
The larger the implicit costs of a business:
A. the greater accounting profit will be. B. the smaller economic profit will be. C. the more likely it will be a successful venture. D. the smaller the explicit costs will be.
Under which type of market structure is the firm’s pricing decision the most difficult?
a. perfect competition b. monopoly c. monopolistic competition d. oligopoly
Gross domestic product (GDP)
a. always increases over time b. increases only if prices increase because the goods and services are measured in current prices c. increases only if output of good and services increase d. increases only if either prices increase or output increases, but not a combination of both e. increases with either an increase in prices or an increase in output, or a combination of both