The theory of consumer choice illustrates that people face tradeoffs, which is one of the Ten Principles of Economics
a. True
b. False
Indicate whether the statement is true or false
True
You might also like to view...
ABC news in Australia reported that the average annual wage in 2008 was $13,308. To calculate the real wage rate in Australia, you would need to know
A) Australia's inflation rate between 2007 and 2008. B) Australia's price level in 2008. C) the core inflation rate in Australia in 2008. D) the exchange rate between the U.S. dollar and the Australian dollar.
What best describes the changes in steel production from 1860-1910?
a. The Bessemer process replaced earlier methods of production and became the dominant method of producing steel by 1910. b. The Bessemer process replaced older methods of production and was later displaced by the open-hearth process. c. The open-hearth process, the first method of producing steel, was replaced by the Bessemer process. d. The Grandy process replaced both the open-hearth process and older technologies.
The federal budget deficit becomes _____ during recessions because _____
a. smaller; transfer payments increase and tax revenues decline b. larger; transfer payments increase and tax revenues decline c. larger; both transfer payments and tax revenues increase d. smaller; both transfer payments and tax revenues increase e. smaller; both transfer payments and tax revenues decrease
Network effects occur is the costs of production are lower than the costs of production
Indicate whether the statement is true or false