The economizing problem is essentially one of deciding how to make the best use of
a. limited resources to satisfy limited wants.
b. unlimited resources to satisfy limited wants.
c. limited resources to satisfy virtually unlimited wants.
d. unlimited resources to satisfy unlimited wants.
c. limited resources to satisfy virtually unlimited wants.
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To increase future living standards by pursuing higher current rates of investment spending, an economy must:
A. reduce the current capital stock. B. allow higher rates of current consumption. C. reduce current rates of consumption spending. D. decrease the amount of future research and development spending.
Hyperinflation refers to a period of extremely erratic inflation rates
a. True b. False Indicate whether the statement is true or false
A market for a product is in equilibrium when:
a. Quantity supplied equals quantity demanded b. Quantity demanded is greater than quantity supplied c. The supply curve remains fixed d. Product price equals demand
The cross price elasticity of demand is measured by the
A. percentage change in the price of one good divided by the percentage change in the demand for another good. B. percentage change in the quantity demanded of one good divided by the percentage change in quantity demanded of another good. C. percentage change in the demand for one good divided by the percentage change in price of another good. D. percentage change in the price of one good divided by the percentage change in price of another good.