If the price of a depleting resource does not rise as anticipated, it may be because:
a. new reserves of the resource were discovered
b. new methods of mining or refining were developed.
c. price controls were passed by law.
d. All of the above are correct.
d
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Use the following table to answer the question below.Jake's Production Possibilities ScheduleJane's Production Possibilities SchedulePounds of Green BeansPounds of CornPounds of Green BeansPounds of Corn01600801012020602080404030406020400800One pound of green beans costs Jake ________ pound(s) of corn. One pound of green beans costs Jane ________ pound(s) of corn.
A. 1, 4 B. 4, 1 C. 1, 1/4 D. 1/4, 1
Jacob buys less soda when the price of soda rises 10 percent, while the prices of all other goods also rise 10 percent. Jacob is
A) behaving in accordance with classical economic theory. B) worrying too much about a coming recession. C) suffering from money illusion. D) paying too much attention to changes in relative prices.
Inflation:
a) Always reduces the cost of living b) Always reduces the standard of living c) Reduces the price of products d) Reduces the purchasing power of a pound
Streaming Netflix movies would be considered:
A. an artificially scarce good. B. a public good. C. a common resource. D. a private good.