Scarcity implies that
A) the satisfaction of one person's want means another person's want can also be satisfied.
B) the satisfaction of one person's want means another person will be more than satisfied.
C) the satisfaction of one person's want means another person's want cannot be satisfied.
D) no person's wants can be satisfied.
Ques. 2All of the following reduce the transaction costs for consumers EXCEPT
A) eBay.
B) a shopping mall.
C) the Supreme Court decisions regarding the Second Amendment.
D) a grocery store.
Ques. 3What type of economics would most typically deal with aggregates?
A) macroeconomics
B) microeconomics
C) labor economics
D) environmental economics
Ques. 4Jane has noticed that she used to pay 2 for coffee and now she pays 2.50. Which of the following statements is TRUE?
A) The relative price of coffee has increased compared to tea.
B) The money price of coffee has increased.
C) The law of supply explains why the price of coffee has increased.
D) Jane will stop consuming coffee.
Ques. 5The real price of a good is known as
A) the absolute price of the good.
B) the dollar price of the good since we use dollars in the United States.
C) relative price of the good.
D) the price actually paid for a good instead of the sticker price.
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