The study of economics arises due to
A) resources.
B) greed.
C) money.
D) scarcity.
D
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The utility from a specific product is
A. determined by a consumer's income. B. constant as one consumes more units of it. C. determined by the price of the product. D. a measure of one's preference or taste for it.
Flora's Flower Shop bought a new van for $23,000. Today, the market price of this van is $11,000. The economic depreciation of the van is ________
A) $23,000 B) $12,000 C) $11,000 D) $34,000
The above figure shows the costs at Barney's Bagel Bakery. For which of the following levels of output does the average product of labor exceed the marginal product of labor?
A) at 1000 bagels daily B) at 2000 bagels daily C) at 3000 bagels daily D) all of the above
The "principle of rival consumption" applies to which of the following?
A) national defense B) the free-rider problem C) the exclusion principle D) a private good