To an economist, the term "needs"
A) means the purchase of necessary goods.
B) is objectively undefinable.
C) identifies the purchases of basic goods and services.
D) refers to the purchase of goods by the poor.
B
Economics
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Suppose the U.S. government imposes a maximum price of $5 per gallon of gasoline, and the current equilibrium price is $3.50 per gallon. This policy represents a:
A) binding price floor. B) non-binding price floor. C) binding price ceiling. D) non-binding price ceiling.
Economics
The members of the Federal Reserve Board of Governors serve:
a. 6-year terms. b. 4-year terms. c. 10-year terms. d. 14-year terms. e. 2-year terms.
Economics