Economists are concerned with an individual's
A) needs because needs are most important to an individual's well being.
B) needs because economists define needs to be the goods people need to survive.
C) wants because wants always lead to shortages in the economy.
D) wants because the existence of wants leads to scarcity.
Answer: D. Wants because the existence of wants leads to scarcity.
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Pollution rights may be traded if
A. polluters try to hide pollution. B. administrators are uncertain about Pigouvian taxes. C. there is no market for pollution. D. pollution is harmless.
Generally speaking, the last two years of a President's term are associated with
A. lower growth than the first two years. B. higher growth than the first two years. C. higher unemployment than the first two years. D. the same growth as the first two years.