What will we never do in a world of scarcity?
A. Satisfy all basic human needs.
B. Satisfy all basic human wants.
C. Use all economic resources such that we satisfy the maximum amount of wants.
D. Meet all of society’s wants.
Ans: D. Meet all of society’s wants.
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What do economists mean by the phrase "sunk costs are sunk"?
a. Sunk costs are irretrievable, but they do lower profits and thus affect the firm's output level. b. Sunk costs are a primary reason why marginal costs tend to increase. c. Sunk costs cannot be recovered and are irrelevant to future decision making. d. Sunk costs lower consumer welfare, because producers "pass on" these costs in the form of higher prices.
Foreign investment in poor nations often requires
A) low rates of return to ensure the poor have a fair deal. B) high rates of return to justify the high risk of such investment. C) a constantly changing political structure to enhance profit opportunities. D) the total elimination of uncertainty in order to guarantee economic profit.
Both the classical and monetarist models assume all of the following except
a. perfectly flexible prices. b. perfectly flexible wages. c. perfect information. d. vertical aggregate supply curve in the long-run.
For a theme park two-tier pricing can include a positive admission price and a zero per-ride fee
Indicate whether the statement is true or false