Individuals are forced to make choices because
A. human wants are limited.
B. the supply of resources is infinite.
C. wants are unlimited and resources are scarce.
D. resources are unlimited.
C. wants are unlimited and resources are scarce.
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A large airline calculates that the additional cost of a having a passenger on a flight to the Bahamas as the cost of a bag of peanuts and a soft drink, which totals $1.50, but the airline’s price is $600 for potential customers who want to buy vacant seats on the day of the flight. Which economic principle is this airline failing to utilize?
What will be an ideal response?
The idea that expectations can affect the velocity of money is a critical factor in understanding
a. the Keynesian view of the quantity theory of money b. the classical view of the quantity theory of money c. the monetarist view of the quantity theory of money d. why GDP must increase when the price level increases e. why price changes cause inflation
Germany Inc refers to:
a. the use of corporations to produce output b. the close relationship between government and business c. raising capital through stock markets d. interlocking directorates and cross holdings e. none of the above
Refer to the table above. When there is no investment in this private closed economy, the equilibrium level of GDP will be:
All figures below are in billions of dollars.
A. $240 billion
B. $250 billion
C. $260 billion
D. $270 billion