Which of the following is an example of a nonrenewable resource?
a. iron
b. cotton
c. labor
d. fish
e. electricity
A
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The forces that determine the cost of production are largely independent of the forces that shape demand
a. True b. False
If goods X and Y are such that the cross price elasticity between them is negative, and if the income elasticity of X is negative, then these goods are:
a. inferior complements. b. luxury complements. c. income elastic substitutes. d. normal substitutes. e. income elastic complements.
When consumers cannot tell the difference at the time of sale between high-quality products and those with defects, strong sales of the low-quality products will tend to depress price and drive the high-quality products from the market. Economists call this
a. the curse of advertising. b. the imperfect information problem. c. the brand name problem. d. an open-access resource.
Economists focus on self-interest in explaining choices because:
A. it is a useful way to approach problems. B. individuals often are motivated by selflessness. C. economists know people are selfish even if psychologists don't. D. economists do not believe that there is more to making choices than maximizing utility.