The Scarcity Principle applies to:
A. only market decisions, e.g., buying a car.
B. only the poor.
C. only non-market decisions, e.g., watching a sunset.
D. all decisions.
Answer: D
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When the elasticity of substitution in the constant elasticity of substitution utility function lies above 1, an increase in the interest rate will cause a saver to save less.
Answer the following statement true (T) or false (F)
From 1950-1970, labor productivity growth in the Soviet Union was driven primarily by
A) capital accumulation. B) population increases. C) total factor productivity. D) Capital, population increases, and total factor productivity contributed about equally to labor productivity growth.
The ______________is a period of production long enough for producers to adjust the quantities of all of their resources.
Fill in the blank(s) with the appropriate word(s).
Figure 6.1In Figure 6.1, the total consumer expenditures equal:
A. 200 B. 250 C. 50 D. 30