When personal computers were first produced, the price was very high. As time passed, the price of personal computers fell because
A) the initial price was too high and nobody bought personal computers.
B) people's incomes increased and personal computers are an inferior good.
C) the demand for personal computers decreased.
D) there were technological advances in the production of personal computers.
E) None of the above answers is correct.
D
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The above figure shows Jane's budget line and two of her indifference curves. How many lobster dinners will Jane purchase each month?
A) 4 lobster dinners B) 5 lobster dinners C) 8 lobster dinners D) 10 lobster dinners
Predatory dumping by foreign firms is a very common phenomenon in U.S. markets
Indicate whether the statement is true or false
Which of the following is a benefit of economic growth?
A) reduction in illiteracy B) reduction in poverty C) improved health D) all of the above
Define the following terms briefly and concisely and indicate their importance to the study of economics
a. entrepreneurship b. investment c. capital d. innovation e. discounting