Which of the Following Statements Regarding People's Wants Is True

question 237

Multiple Choice

Which of the following statements regarding people's wants is true?

• A) Over time, people's wants tend to be stable and constant.
• B) As people consume more products, their wants will be reduced.
• C) Intangible services, just like tangible goods, may satisfy people's wants.
• D) People's wants do not include their basic needs.

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Definitions:

Economic Growth

An increase in the production of goods and services in an economy over a period of time, often measured by GDP.

Money Supply

The total amount of monetary assets available in an economy at a specific time, including cash, bank deposits, and liquid assets.

Classical Economists

Economists from the 18th and 19th centuries who focused on free markets, supply and demand, and the idea of self-regulating economies.

Keynesians

Economists and followers of the economic theories of John Maynard Keynes, focusing on government intervention to mitigate the adverse effects of economic recessions.