Because resources are scarce,
a. opportunity costs are zero
b. people must make choices among alternatives
c. all human wants and desires can be satisfied
d. resource prices are fixed
e. commodities are free
B
Economics
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The interest-rate effect
a. depends on the idea that increases in interest rates decrease the quantity of goods and services demanded. b. depends on the idea that increases in interest rates decrease the quantity of goods and services supplied. c. is responsible for the downward slope of the money-demand curve. d. is the least important reason, in the case of the United States, for the downward slope of the aggregate-demand curve.
Economics
The opportunity cost of leisure is
A) the substitution effect. B) the income effect. C) a person's income. D) a person's wage rate.
Economics