A need to make choices exists because of
a. scarcity of resources.
b. the abundance of goods.
c. unlimited human needs and wants.
d. both scarcity of resources and unlimited human needs and wants.
d. both scarcity of resources and unlimited human needs and wants.
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A competitive market is one:
A) that operates with little or no government control. B) where almost all exchanges take place involuntarily. C) that has price controls imposed by a ruling authority. D) where determination of equilibrium quantity need not rely on the forces of demand and supply.
If a huge percentage change in price leads to a small percentage change in quantity demanded, then demand is said to be elastic
a. True b. False Indicate whether the statement is true or false
If inflation expectations rise, the short-run Phillips curve shifts
a. left. If inflation remains the same, unemployment falls. b. left. If inflation remains the same, unemployment rises. c. right. If inflation remains the same, unemployment falls. d. right. If inflation remains the same, unemployment rises.
Refer to the table below. At what output level or levels are this firm's owners doing as well as or better than they could do with the next best use of their resources?QuantityTotal RevenueExplicit CostsImplicit Costs1050365157563620100937251251258301501619
A. 10, 15, 20, and 25 units B. 10, 15, and 20 units C. 10 units D. 10 and 15 units