Human needs and wants are
a) always fixed.
b) unlimited.
c) limited.
d) likely to decrease over time
Answer: b) unlimited.
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Demand pull inflation occurs when a nation's:
a. Aggregate demand rises, causing rising prices and rising unemployment. b. Aggregate demand rises, causing rising prices and falling unemployment. c. Aggregate demand rises, which leads to a decrease in aggregate supply and an increase in prices. d. Aggregate supply falls, causing rising prices and rising unemployment.
Which of the following correctly describes the macroeconomic long run?
a. A price level and level of real GDP where price expectations are correct, aggregate quantity supplied equals the potential output level, and aggregate demand equals aggregate supply. b. A price level and level of real GDP where price expectations are correct, aggregate quantity supplied exceeds or falls short of the potential output level, and aggregate demand equals aggregate supply. c. A price level and level of real GDP where price expectations are correct, aggregate quantity supplied equals the potential output level, and aggregate demand exceeds or falls short of aggregate supply. d. A price level and level of real GDP where price expectations are correct, aggregate quantity supplied exceeds or falls short of the potential output level, and aggregate demand exceeds or falls short of aggregate supply.
You observe that grocery shoppers choose the shortest line at the checkout. This is an example of _____
a. rational self-interest b. selfishness c. greed d. blind materialism e. altruism
Microeconomics approaches the study of economics from the viewpoint of:
A. inflation, unemployment, and economic growth. B. the federal government. C. individual economic units, such as consumers, firms, industries, and units of government. D. the economy as a whole.