Natural gas prices in real terms have
a. increased sharply since 2008.
b. closely followed the pattern of oil prices since 2008.
c. risen dramatically during the past ten years.
d. fallen sharply since 2008.
D
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Comment on the following statement: "Even though the supply of land is perfectly inelastic, the supply of land in a given use may not be fixed."
What will be an ideal response?
When studying individuals' economic behavior, economists assume that
A) individuals understand the rationale for all their actions. B) individuals act as if they were rational. C) only educated people act as if they were rational. D) self-interest is of limited relevance in predicting an individual's actions.
The Rhode Island System
a. employed whole families to work in textile mills. b. employed young women in their late teens and early twenties. c. banned the use of child workers in factories. d. relied on a workforce mainly consisting of former slaves.
When a small, initially closed country engages in free trade
A. its production-possibility curve shifts inward. B. it experiences a much slower economic growth. C. it always experiences a balanced growth. D. it is not likely to suffer from immiserizing growth.