Micro 1.01
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Which of the following most accurately describes why trade-offs are necessary?
Any choice involves sacrificing the alternatives that could have been chosen.
Based on the Circular Flow diagram, businesses would be most concerned with which of the following?
Minimizing: Costs Maximizing: Revenue
Which term best describes a sunset or knowledge?
Non-rival good
Which of the following is the principal concern of economics?
The production and exchange of goods and services in light of limited resources
All of the following are typically considered capital goods except
cooked hot dogs at a sporting event
The resources in the input market come from
land, labor, and capital of households