Which of the following statements regarding people's wants is true?
A. Over time, people's wants tend to be stable and constant
B. As people consume more products, their wants will be reduced
C. Intangible serves, like tangible goods, may satisfy people's wants
D. People's wants do not include their basic needs
Answer: C
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The portfolio theories of money demand state that the demand for real money balances is ________ related to income and ________ related to the nominal interest rate
A) positively; negatively B) positively; positively C) negatively; negatively D) negatively; positively
The law of increasing costs mean that when an economy increases the production of one item-
What will be an ideal response?
In the case of rent control, a maximum price will cause ________ and ________ the total surplus of the market.
A. excess demand; reduce B. excess demand; increase C. excess supply; reduce D. excess supply; increase
Cartels, tacit collusion, and predatory pricing are all illegal under U.S. antitrust laws.
Answer the following statement true (T) or false (F)