Category: Introduction To Economics

A. how society manages its unlimited resource
B. how to reduce our wants until we are satisfied.
C. how to fully satisfy our unlimited wants
D. how to avoid having to make trade-offs

A. reduces market power
B. Proves that there is such a thing as a free lunch
C. improves efficiency at the expense of equity.
D. improves equity at the expense of efficiency.

A. the action is ethical
B. The action produces marginal costs that exceed marginal benefits.
C. The action produces marginal benefits that exceed marginal costs.
D. The action makes money for the person.

A. substitute good
B. complementary good
C. bargain
D. inferior good

A. 20%
B. 2%
C. 12%
D. 16%

A. economical
B. unlimited
C. Efficient
D. Scarce

A. inoculations against disease
B. cigarettes
C. food
D. education
E. stereo equipment

A. economics problems are solved by the government and market
B. economic decisions are made by the private sector and free market
C. economic allocation is achieved by the invisible hand
D. economics s is solved by government departments

A. Always fixed
B. Limited
C. Unlimited
D. Likely to decrease over time

A. substitute good, inferior good
B. normal good inferior good
C. inferior good normal good
D. normal good, complementary good