Needs and wants are different. Wants are things that are:
a. Crucial, have to have
b. Desired, but not necessary for survival
c. Economic only
d. Important for getting ahead
B
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Government failure, when government actions lead to inefficiency, can result in
A) overprovision. B) underprovision. C) both A and B. D) neither A nor B.
Market interest rates are determined solely by people's willingness to loan funds, that is, their rate of time preference
Indicate whether the statement is true or false
If the demand curve of a market is P = 14 - Q and the supply curve is P = 2 + 2Q, but a price ceiling of 6 is imposed, what will the shortage be?
What will be an ideal response?
The federal government spends the largest amount of its budget on Social Security, which is an example of
a. federal aid to state and local government b. discretionary spending ' c. mandatory spending d. defense spending