Which economic concept is illustrated by the saying "You can't have your cake and eat it too"?
a. Private property rights
b. Economic freedom
c. Scarcity
d. Opportunity cost
e. Gains from trade
d
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The relationship between a consumer's monthly income and monthly consumption of four products, W-Z, is shown below. Quantity ConsumedIncomeWXYZ$4,00045902005,000601801015Which product listed is an example of an inferior good?
A. W B. X C. Y D. Z
The more we pay for a euro, the __________ European goods are to us and the __________ European assets are to us
A) cheaper; cheaper B) cheaper; more expensive C) more expensive; cheaper D) more expensive; more expensive
Consider a society facing the production possibilities curves in the figure shown. What is the most likely cause of a society moving from PPF3 to PPF1?
A. A tornado
B. More workers
C. A desire to read lessbooks
D. Better sewing technology
Output per capita will tend to increase if the labor force participation rate in a country ____ or if workers put in ____ hours. a. rises; longer
b. rises, shorter. c. falls; longer. d. falls; shorter