24) which of the following is an asset for the individual?

a) Cash

b) Car loan

c) Credit card balance

d) Student loan

25) sunk costs can be defined as

a) Controllable costs

b) Costs to be incurred in the future

c) Paid after the fact

d) A cost that cannot be changed and is therefore not relevant to decision making

26) an increase in the price of goods bought only by household will show up in

a) Both the CPI and the GDP deflator

b) Neither the CPI nor the GDP deflator

c) The CPI but not in the GDP deflator

d) The GDP deflator but in the CPI

27) an example of a positive statement is

a) Minimum wages are too low

b) The UAE should organize more tennis tournaments

c) The mean price of gasoline in 2005 was higher than in 1990

d) Taxes are too high

28) economics is best defined as the study of

a) The choices we make because of scarcity

b) How people, businesses, governments and societies attain wealth

c) How people, businesses, governments and societies choose abundance over scarcity

d) The distribution of surplus goods to those in need