When natural resources are commonly owned, the exhaustion of these resources are evenly spread over current and future periods
a. True
b. False
Indicate whether the statement is true or false
False
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Inflation is the hardest on those living on fixed incomes
a. True b. False Indicate whether the statement is true or false
A bond and stock differ in that a stock is an IOU for a fixed amount and a bond is a portion of ownership
a. True b. False Indicate whether the statement is true or false
Figure 4-23
Refer to . In which market will the majority of the tax burden fall on the buyer?
a.
market (a)
b.
market (b)
c.
market (c)
d.
All of the above are correct.
When two goods are perfect substitutes, the marginal rate of substitution
a. decreases as the scarcity of one good increases. b. is constant along the indifference curve. c. changes to reflect the consumer’s changing preferences for the goods. d. increases as the scarcity of one good increases.