If the economy is in recession and the number of used baby clothing stores increases, then used baby clothes
a. are a necessity
b. are an inferior good
c. are a normal good
d. are a luxury
e. have price-elastic demand
B
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After 1616, Virginia shifted more and more scarce resources out of food production and into tobacco production. Hence, the economic cost of tobacco production included the sacrifice of food production
Indicate whether the statement is true or false
Which of the following statements is TRUE?
A) Labor is always a variable input. B) Capital is always a fixed input. C) Materials are always variable inputs. D) None of the above.
Which of the following is not a leading economic indicator?
a. Prices of common stock b. Number of new businesses formed c. Unemployment rate d. New orders for plants and equipment
What happens to a resource as it becomes scarcer?
a. The price rises and this increases the future supply relative to demand. b. The price rises and this increases the future demand relative to supply. c. The price falls and this increases the future supply relative to demand. d. The price falls and this increases the future demand relative to supply.