What would an economist assume about Osama Bin Laden and Barack Obama?
A) They pursue plans.
B) Their plans are consistent with the public interest.
C) They don't understand the economic way of thinking.
D) Their demands for all scarce goods are very inelastic.
A
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The table above gives a nation's investment demand and saving supply schedules. It also has the government's net taxes and expenditures. The government has a budget
A) surplus of $60 billion. B) deficit of $20 billion. C) surplus of $20 billion. D) deficit of $60 billion. E) surplus of $40 billion.
Firms achieve productive efficiency in the long run by
a. striving to minimize fixed cost b. striving to maximize revenue c. producing at their minimum long-run average cost d. producing at their minimum long-run marginal cost e. producing the output consumers want most