A recurring theme in economics is that people
A. can increase resources by limiting their economic wants.
B. have unlimited resources but limited economic wants.
C. have unlimited economic wants but limited resources.
D. have limited economic wants and limited resources.
Answer: C
Economics
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If oil prices increase, then in the short run, real GDP will ________ and the price level will ________
A) increase; rise B) increase; fall C) decrease; rise D) decrease; fall E) not change; rise
Economics
Jill, an economics student, has already spent 5 hours cleaning her room. In deciding whether or not to continue cleaning for another hour, she applies the economic principle of
A) scarcity. B) ceteris paribus. C) choosing at the margin. D) productivity.
Economics