Foundations of Economics, Student Value Edition (8th Edition)
Foundations of Economics, Student Value Edition (8th Edition)
8th Edition
ISBN: 9780134489230
Author: Robin Bade, Michael Parkin
Publisher: PEARSON
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Chapter 1, Problem 1MCQ
To determine

Reason for the scarcity of resources.

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Analyze the role of scarcity in daily life. Explain why prices are flexible and can always change. Analyze if you were an owner of a store, how would you deal with a shortage/surplus.
Economists use the phrase ceteris paribus to express the assumption Select one: a. "all else equal." b. "everything affects everything else." C. "there is no such thing as a free lunch." d. "scarcity is a fact of life."
1. It is primarily the basis of economic activity a. economics b. scarcity c. social science d. abundance 2. What happen to the demand for tilapia if the price of bangus will go down? a. prices of tilapia remains b. price of bangus remains c. shift to the right d. shift to the left If cruz family lessens their demand expenditures for rice because they want pandesal for their breakfast, this is a. time efficient b. taste and preference c. decrease in income d. saving for cooking gas
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