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Question
If you consume less of a good as your income increases:A. your demand curve is not downward sloping for that good.
B. the good must be an inferior good.
C. the good must not have any close substitutes.
D. your quantity demanded changed by a movement along the demand function.
Answer
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Related questions
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B. has an absolute advantage in writing a term paper.
C. always earns an A on his papers.
D. has the lowest opportunity cost for writing a term paper.
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If Scout has an absolute advantage over Dill: A. Scout has more money than Dill.
B. the problem of scarcity applies to Dill, but not to Scout.
C. the problem of scarcity applies to Scout, but not to Dill.
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NAFTA helped ______ to exploit a comparative advantage in the production of goods made by unskilled labor. A. Canada
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Large developed countries can produce more of practically everything than can small, less developed countries. Which of the following statements is true? A. The large country has no incentive to trade with the smaller country.
B. It would be impossible for the smaller country to have a comparative advantage in making any products that the larger country wants to buy.
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Between the U.S. and Nepal, Nepal invests less in new factories and equipment. This will likely cause: A. Nepal's production possibilities curve to shift outward faster than the U.S.'s.
B. The U.S.'s production possibilities curve to shift inward faster than Nepal's.
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Q:
Which of the following statements is NOT true about specialization? A. Total economic output is larger due to specialization.
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C. Specialization focuses experience and increases comparative advantage.
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Q:
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B. if the average benefits exceed the average costs.
C. if the net benefit (benefit minus cost) is zero.
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Q:
Suppose a person makes a choice that seems inconsistent with the cost-benefit principle. Which of the following statements represents the most reasonable conclusion to draw? A. The person (explicitly or implicitly) over-estimated the benefits or under-estimated the costs or both.
B. The cost-benefit principle is rarely true.
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B. makes choices that are easily understood.
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D. Macroeconomic policy because it involves government tax policy.
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C. economic naturalism.
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Q:
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B. At what rate does the US economy typically grow?
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Q:
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Q:
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B. the benefits from doing it increase.
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Q:
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B. negative economics.
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D. economic naturalism.
Q:
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Q:
Refer to the figure above. What is the price elasticity of supply at point B and C? A. 1/2; 3/4
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Q:
An increase in the price of golf clubs from $75 to $125 led to an increase in quantity supplied from 200 units to 300 units. The price elasticity of supply for golf club is _____ so the supply curve is _______. A. 2; elastic
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B. its minimum
C. its maximum
D. its maximum profit