Which of the following sets of terms describes the problem of ...

[asan beg]

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.

[momo1250]

Answer to Question 1

C

Answer to Question 2

A

[asan beg]

YES! Correct, THANKS for helping me on my review

[mjenn52]

Thanks for the timely response, appreciate it