Which is a stock variable?
A) Labor
B) Profit
C) Income
D) Capital
E) Price
D
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The demand for cake decorators has no relationship to the demand for cakes
a. True b. False Indicate whether the statement is true or false
The desire for goods and services is
a. created by a market economy b. the ultimate explanation for all production c. why it is so difficult to explain how our economy works d. the cause of inflation e. what causes the market wage for labor to continually increase
Explain the difference between comparative advantage and absolute advantage and which concept should be used to make trade decisions.
What will be an ideal response?
Brad ate four bags of chips at the baseball game. The first bag tasted best, but he found that as he ate more chips the amount of extra satisfaction he was receiving was beginning to fall. This would demonstrate
A. the law of diminishing costs. B. the law of diminishing marginal utility. C. the law of total utility maximization. D. the law of zero utility.