Which of the following statements is false?
A) Anytime you have to decide which action to take you are facing an economic trade-off.
B) Every individual, no matter how rich or poor, is faced with making trade-offs.
C) Trade-offs do not apply when the consumers purchase a product for which there is excess supply, such as a stock clearance sale.
D) Economics is a social science that studies the trade-offs we are forced to make because of scarcity.
C
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If the quantity of real GDP supplied equals the quantity of real GDP demanded, then
A) nominal GDP must equal real GDP. B) real GDP must equal potential GDP. C) real GDP must be greater than potential GDP. D) real GDP might be greater than, equal to, or less than potential GDP. E) real GDP must be less than potential GDP.
A music venue discovers that its concerts consistently have empty seats in the back rows of the facility. If the venue owner uses marginal analysis to evaluate this situation, he should
A. raise the price of seats in the front rows. B. remove the last few rows. C. lower the ticket price for the seats on the back rows. D. cancel concerts that are not sellouts. E. book acts that are less expensive.