Why is it that all of our wants cannot be satisfied?
A) because of shortages
B) because we cannot seem to decide what we really want
C) because other people try to change your mind about what you want
D) because limited resources mean all the goods we want cannot be obtained
Answer: D
Economics
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For Product X, the income elasticity of demand is -2.56. Which of the following is therefore TRUE?
A) Product X is a necessity. B) Product X is a luxury. C) Product X is an inferior good. D) Product X is a normal good.
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How does a change in the quantity of money change the interest rate in the long run?
What will be an ideal response?
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