Alan Is a Retired Economist Who Enjoys Building Toy Trains

question 99

Multiple Choice

Alan is a retired economist who enjoys building toy trains for his grandkids. He uses a workbench and tools from his garage, lumber he bought from the lumber store for $10, and varnish and paint he had left over from another project last year. Since a retired economist is always an economist, which of the following statements is he likely to make about building toy trains?

• A) I'm not paying for any resources, so the toy trains I'm building are a good example of free goods.
• B) I only paid $10 for the lumber, so the toy trains I'm building are a good example of free goods.
• C) I'm using scarce resources to build the toy trains.
• D) The resources I'm using to build the toy trains are not scarce.
• E) If I had used lumber that I cut from the tree in my backyard instead of buying it from the store, then the toy trains I'm building would be a good example of free goods.

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Definitions:

Ethnic Relations

The patterns of interaction, conflict, and cooperation between different ethnic groups within a society.

Ethnic And Race Relations

The interactions and relationships between people of different racial and ethnic backgrounds, including issues of discrimination, integration, and multiculturalism.

Soviet Union

A former federal socialist state in eastern Europe and northern Asia, existing from 1922 to 1991, known for its communist government.

Ethnically Homogeneous

Referring to a population or community consisting of members who share the same ethnic background.