Scarcity implies that
A) the satisfaction of one person's want means another person's want can also be satisfied.
B) the satisfaction of one person's want means another person will be more than satisfied.
C) the satisfaction of one person's want means another person's want cannot be satisfied.
D) no person's wants can be satisfied.
Answer: C
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If the full-employment rate of unemployment is 5 percent, and the economy is experiencing a 7 percent unemployment rate, what is the rate of cyclical unemployment?
a. 7 percent b. 12 percent c. -2 percent d. 5 percent e. 2 percent
If a business firm in Country A produces a good but does not sell it in that same year, that good will not be counted in Country A's GDP
Indicate whether the statement is true or false
What term is defined as the change in the amount consumers will buy because the purchasing power of their money changes?
a. consumer taste b. consumer expectation c. income effect d. substitution effect
Answer the following statement true (T) or false (F)
1) A key difference between neoclassical economics and behavioral economics is that in behavioral economics context affects preferences. 2) Behavioral economics observes that people generally do not act according to their self- interest. 3) Neoclassical economics and behavioral economics both recognize that people make errors in their decision making. 4) According to behavioral economics, temptation to make harmful decisions can be overcome by presenting decision makers with better information and more options.