Economists are concerned with an individual's
A. wants because wants always lead to shortages in the economy.
B. needs because economists define needs to be the goods people need to survive.
C. needs because needs are most important to an individual's well being.
D. wants because the existence of wants leads to scarcity.
Answer: D
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If a $1 million open market purchase by the Fed generates a new deposit at a bank that immediately causes the bank's reserves held at the Fed to increase by $1 million, then the T-account effects are that the bank's assets and liabilities ________ by
$1 million and that the Fed's assets and liabilities ________ by $1 million. A) increase; decline B) decline; decline C) increase; increase D) decline; increase
Monetarists believe that there is a ________ link between money supply growth and target variables and that the public is ________ in movements in the money supply
A) strong, interested B) strong, disinterested C) tenuous, interested D) tenuous, disinterested
Firms in a given industry are affected by the tariff imposed on the product they sell, but not by the tariffs imposed on their purchased inputs.
Answer the following statement true (T) or false (F)
Union membership, in terms of percentage of the U.S. civilian labor force
A) has increased steadily since the passage of the Wagner Act. B) peaked about 1960 and has since declined. C) was over 50 percent in 1987. D) has increased dramatically since 1970.