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Anya got $10 for her birthday. She considers buying a DVD of her favorite movie for $9. She also thinks about buying a new T-shirt for $12. Then she decides to buy a CD for $8. What is the most likely opportunity cost of her decision?
a. the ten dollars.
b. the T-shirt
c. the DVD
d. the CD
Why does scarcity exist?
a. Producers need scarcity to set prices.
b. Wants are always greater than resources.
c. Economic institutions control most money.
d. No country can make all the goods it needs.
The following natural resources are needed to make lined paper:
wood from trees
dye for ink
What else could be made from both of these resources?
b. book pages
B? (not sure)
What are two types of economic incentives?
a. imports and exports
b. rewards and penalties
c. supply and demand
d. banks and non-profit organizations
What is one potential negative consequence associated with pay trade?
a. Import and export taxes are high under pay trade.
b. Buyers and sellers can no longer make price decisions.
c. Countries that practice pay trade have high unemployment.
d. People in certain industries earn lower wages or sell fewer products.