An example of a natural resource is:
A. Bill Gates' revolutionary iPod.
B. Farmer Joe's farm fields.
C. Michael Jordan's athletic ability.
D. All of these are examples of natural resources.
Answer: B
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The biases in the CPI include the
A) old goods, unemployment, and inflation biases. B) new goods, quality change, and substitution biases. C) old goods, new goods, and quality change biases. D) substitution, new goods, and old goods biases.
The figure above shows Sam's budget line. Which of the following would result in Sam's budget line rotating outward and not changing its horizontal intercept?
A) a fall in the price of a pound of coffee B) a rise in the price of a pound of coffee C) a fall in the price of a gallon of gasoline D) a rise in the price of a gallon of gasoline
When an economy is below full employment and the government has a budget deficit, that deficit _________.
What will be an ideal response?
The elasticity of demand for a product is likely to be greater
A. the smaller the number of substitute products available. B. the greater the amount of time over which buyers adjust to a price change. C. the smaller the proportion of one's income spent on the product. D. if the product is a necessity, rather than a luxury good.