Scarcity
A. necessitates choice among consumer goods.
B. of income renders purchase decisions interdependent.
C. affects all consumer decisions.
D. may involve forgoing the pleasure of one good in order to enjoy another.
E. All of the above answers are correct.
Answer: E
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Which of the following would indicate the beginning of an expansionary phase in an economy?
a. A minor increase in the number of new firms b. A decline in stock market prices c. An improvement in consumer confidence d. A slowdown in housing construction e. A decrease in the number of orders for new equipment
Mutual interdependence means that a firm's
A. profits are affected by another firms' entry or exit. B. behavior is affected by other firms' actions. C. costs are affected by other firms' costs. D. revenues are affected by another firms' demand for its product.