Suppose there is a family in which all the boys are expected to become farmers when they are adults, just as their fathers and grandfathers did. In which kind of economy do they participate?
a) false economy
b) command economy
c) traditional economy
d) centrally planned economy
Answer: c) traditional economy
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Blu-ray disc players, iPhones, and hybrid cars are generally considered to be ________ goods
A) service B) nondurable C) durable D) intermediate
The situation in which a person places greater value on a good as fewer and fewer people possess it is called
A) Bandwagon Effect. B) Greater Value Effect. C) Snob Effect. D) Behavioral Effect.
The ultimate bargaining tool for unions is
A) the strike. B) "labor's Magna Carta." C) the Taft-Hartley Act. D) the sympathy strike.
Scarcity requires that we:
A. make sure we only want things that we are capable of consuming and producing. B. change our fiscal policy until the situation of scarcity is eliminated. C. make decisions in order to arrange our resources rationally. D. adopt economic policies that will lead to unlimited resources.