From the economist's point of view
A) wants and needs are exactly the same.
B) a want is a lifesaving necessity.
C) needs are objectively undefinable.
D) we all have wants but only very poor people have needs.
Answer: C
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Refer to Figure 2-7. Assume that in response to changing consumer demands, Apple cuts back on the production of self-driving automobiles and increases its production of traditional automobiles. This strategy is best represented by the
A) movement from K to L in Graph C. B) movement from F to E in Graph A. C) movement from G to J in Graph B. D) movement from J to H in Graph B.
Ceteris paribus, a rise in interest rates in the United States will cause the yen price of the dollar in international exchange markets to ________. I.e., the dollar ________ in value against the yen
A) decrease; depreciates B) increase; depreciates C) increase; appreciates D) decrease; appreciates
In the market for factors of production, firms earn income by selling goods and services to households
Indicate whether the statement is true or false
The federal government's budget includes spending on goods and services, transfer payments, and taxes. (This is also true of state and local government budgets, but our focus for purposes of fiscal policy analysis is mainly the federal budget.)
What will be an ideal response?