The central question in economics is how to
a. make the best use of scarce resources.
b. use government planning agencies.
c. induce people to want less.
d. increase human knowledge.
a
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The average National Basketball Association player is over 6 feet tall. The average horse jockey is shorter than 5 1/2 feet tall. This is because height provides NBA players with:
a. d and e. b. an absolute advantage for horse racing. c. an absolute disadvantage for other sports in general. d. a comparative disadvantage in horse racing. e. a comparative advantage in basketball.
When economists say the price elasticity of supply is elastic, they mean that
a. suppliers are willing to produce much larger amounts of their good. b. suppliers are willing to produce only a small amount more of their good. c. consumers are willing to purchase much larger quantities of the good. d. the change in quantity supplied is relatively small compared to the change in price.