Amy discovers a way to produce water heaters so they are less expensive and use less natural gas. Amy's discovery is
a. physical capital. If Amy's discovery leads to lower natural gas prices, it has made natural gas less scarce.
b. physical capital. If Amy's discovery leads to lower natural gas prices, it has made natural gas scarcer.
c. technological knowledge. If Amy's discovery leads to lower natural gas prices, it has made natural gas less scarce.
d. technological knowledge. If Amy's discovery leads to lower natural gas prices, it has made natural gas scarcer.
c
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A small Caribbean island-country produces only pineapples and rum. If resources are used efficiently in the economy,
A. it will not be possible to produce more rum without decreasing the production of pineapples. B. it will be possible to produce more pineapples without decreasing the production of rum. C. it will be producing on its production possibilities curve. D. it will not be possible to produce more rum without decreasing the production of pineapples AND it will be producing on its production possibilities curve.
When two goods are perfect substitutes, averages are better than extremes, resulting a diminishing marginal rate of substitution.
Answer the following statement true (T) or false (F)
Explain how the CPI is constructed
What will be an ideal response?
Behavioral economists have discovered that
A) transitivity of preferences always holds, even in animals. B) the law of demand does not hold in controlled experiments. C) transitivity of preferences does not always hold, especially for young people. D) reflexivity of preferences is not true.