Author Question: Which of the following sets of terms describes the problem of scarcity in economics? A) goods, ... (Read 107 times)

asan beg · **on:** Jun 29, 2018

Which of the following sets of terms describes the problem of scarcity in economics?

A) goods, land, and needs
B) labor, needs, and opportunity costs
C) choices, opportunity costs, and trade-offs
D) production, consumption, and wants

Question 2

Suppose Paris thinks a 5 percent increase in her hourly wage as an incentive to work more hours while the price level also increases by 5 percent. Paris is said to be suffering from

A) money illusion.
B) rationality.
C) irrationality.
D) the effects of competition.