The demand for goods reflects people's values
A) and so does the supply of goods.
B) but the supply of goods rests on objective realities rather than values.
C) insofar as they are material values.
D) insofar as they can be satisfied by spending money.
E) insofar as the demand is completely inelastic.
A
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Alice has $10 to spend on wine and cheese. If wine is $2.50 a glass and cheese $2, draw the corresponding budget line. Then draw three indifference curves, one showing the amount of wine and cheese Alice would choose, one showing less preferred combinations of wine and cheese, and the last showing preferred but unaffordable combinations. ?
What will be an ideal response?
Computations of the price elasticity focus on the calculated magnitude due to of the law of demand.
Answer the following statement true (T) or false (F)
Regarding new inventions, which of the following statements is not true?
a. a new invention typically has little competition b. this effective monopoly on the market earns the inventor abundant profit c. that profit gets the attention of other potential inventors, who create competing products d. reduced to zero economic profits, the inventor goes out of business
A forecaster used the regression equationQt = a + bt + c1D1 + c2D2 + c3D3and quarterly sales data for 1996 I - 2013 IV (t = 1, ..., 64) for an appliance manufacturer to obtain the results shown below. Q is quarterly sales, and D1, D2 and D3 are dummy variables for quarters I, II, and III. 
At the 5 percent level of significance, is there a statistically significant trend in sales?
A. Yes, because 2.14 > 0.05. B. Yes, because 0.700 > 0.05. C. No, because 0.0362 > 0.01. D. Yes, because 0.0362 < 0.05. E. both c and d