Does voluntary exchange create wealth?
What will be an ideal response?
yes, exchange makes it possible for the trading partners to gain more value from the existing supply of goods and it also makes larger output levels possible
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Which of the following is the best example of a pair of substitute goods?
A) coffee and cream B) videotapes and VCRs C) money and biscuits D) tortillas and salsa E) powdered and liquid laundry detergent
At $10,000 of disposable income, Audrey's consumption expenditure was $11,000. At $20,000 of disposable income, Audrey's consumption expenditure was $19,000. What is Audrey's marginal propensity to consume?
What will be an ideal response?
Your grade point average acts as ________ to potential employers
A) a signal B) a reservation price C) a guarantee D) insurance
The equation Y = A is known as the ________
A) Cobb-Douglas production function B) labor supply curve C) marginal product of labor D) capital-to-employment function