Needs and wants are different. Wants are things that are:
a. Crucial, have to have
b. Desired, but not necessary for survival
c. Economic only
d. Important for getting ahead
B
Economics
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Recall the Application. The change in demand for cigarettes resulting from the decrease in taxes would normally create, ceteris paribus
A) a decrease in their quantity supplied. B) a decrease in their supply. C) an increase in their supply. D) an increase in their quantity supplied.
Economics
If expectations of the future inflation rate are formed solely on the basis of a weighted average of past inflation rates, then economists would say that expectation formation is
A) irrational. B) rational. C) adaptive. D) reasonable.
Economics