The _____________ problem refers to the need to make choices because economic wants exceed economic means.
Fill in the blank(s) with the appropriate word(s).
economizing
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The cost of a higher living standard in the future is giving up
A. current consumption. B. current investment. C. future consumption. D. future investment.
Even though price elasticity of demand is always ________, by convention its absolute value is always discussed as a ________
A) negative; prime number B) positive; negative number C) a fraction; whole number D) negative; positive number
If the price of milk was $1.25 a gallon and it is now $2.25 a gallon, what is the percentage change in price?
A) 4.4 percent B) 8 percent C) 44 percent D) 80 percent
Which of the following is an example of a negative externality?
A. A Japanese company begins to produce cars, which causes American workers to lose their jobs. B. An employee of a chemical company spills acid on his arm, causing severe damage. C. John plants fruit trees in his front yard, which attracts bees, which sting neighbor Mary. D. Sally buys coffee at McDonald's, spills some on her, and burns her arm.