Mark has $2000 saved for a trip at Spring Break. Over Winter Break, he decide to buy gifts for his family and puts over $500 on his credit card which charges 10% interest on the outstanding balance every month. He pays off the credit card bill gradually over the next two months. An economist would categorize that behavior as:
A. misallocated.
B. rational.
C. irrational.
D. scarce.
Answer: C
Economics
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One would speak of a change in the quantity of a good supplied, rather than a change in supply, if
A) supplier expectations about future prices change. B) the price of the good changes. C) the cost of producing the good changes. D) prices of substitutes in production change.
Economics
Generally, in a recession, more homes are built.
Answer the following statement true (T) or false (F)
Economics