Rich and poor people have which of the following in common?

A) Scarcity
B) Economizing behavior
C) Pursuing the plans and projects in which they are interested
D) All of the above.
E) None of the above.

D

Economics

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A firm has explicit costs of $110,000 and total revenue of $120,000. Which of the following is true about the firm?

A) The firm might be making an economic profit but we need more information about implicit costs to know for sure. B) The firm is definitely making an economic profit because it must be minimizing its opportunity cost. C) The firm is incurring an economic loss if implicit costs are $10,000. D) The firm is making a normal profit if implicit costs are $0. E) The firm may be making an economic profit but only if implicit costs are negative.

Economics

Since 1974, commercial banks importance as a source of funds for nonfinancial borrowers

A) has shrunk dramatically, from around 40 percent of total credit advanced to around 25 percent by 2014. B) has shrunk dramatically, from around 70 percent of total credit advanced to below 50 percent by 2014. C) has expanded dramatically, from around 50 percent of total credit advanced to above 70 percent by 2014. D) has expanded dramatically, from around 30 percent of total credit advanced to above 50 percent by 2014.

Economics