As population declines, scarcity eventually disappears
Indicate whether the statement is true or false
FALSE
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The relative price of a good is that price
A. expressed in constant 2020 dollars. B. that is equal to the equilibrium price. C. expressed in today's dollars. D. expressed in terms of the price of another good.
Motivation can be divided into two types:
a. Intrinsic and extrinsic b. Planned and non-planned c. Mysterious and obvious d. Achievement-oriented and open-ended
The percentage change in quantity demanded of good A divided by the percentage change in price of good B is the formula for
a. cross-price elasticity of demand. b. income elasticity of demand. c. zero elasticity of demand. d. infinite elasticity of demand.
Inflation induces people to spend more resources maintaining lower money holdings. The costs of doing this are called shoeleather costs
a. True b. False Indicate whether the statement is true or false