As a consequence of the problem of scarcity
A. only some people can "have it all."
B. there is never enough of anything.
C. individuals have to make choices from among alternatives.
D. things that are plentiful have relatively high prices.
Answer: C
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If you exhibit the endowment effect as a decision maker, then you are
A) consuming based on celebrity endorsements. B) deciding on the basis of sunk costs. C) buying something you can't really afford because you expect to save in the future. D) ignoring non-monetary opportunity costs.
Any item that serves as a medium of exchange is called
A) gold. B) capital. C) silver. D) money.
Who among the following stressed the importance the voluntary exchange as a distinctly human trait?
A. Adam Smith B. Alfred Marshall C. John Keynes D. Karl Marx
The term "business cycle" most closely refers to the
A) fluctuating profits of firms. B) fiscal year. C) accounting period used by firms. D) alternating periods of expansions and recessions.