Refer to the diagram. Land:
A. will cease to be used in production if demand falls below D 4 .
B. would be a free resource if demand is D 4 or less.
C. would be an economic (scarce) resource in the case of all four demand curves.
D. would be a free resource in the case of all four demand curves.
B. would be a free resource if demand is D 4 or less.
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Mia wants to buy a book. The economic perspective suggests that Mia will buy the book if the
A. marginal cost of the book is greater than or equal to its marginal benefit. B. marginal cost of the book is affordable for her. C. marginal benefit of the book is greater than zero. D. marginal benefit of the book is greater than or equal to its marginal cost.
The assumption that nothing changes except the variables being studied is
A) the ceteris paribus assumption. B) the rationality assumption. C) positive economic analysis. D) normative economic analysis.
Excess reserves can be found by subtracting required reserves from total reserves
a. True b. False
Figure 3-2
In Figure 3-2, the production possibilities frontier has a bowed-out shape because of the law of
A. decreasing costs. B. increasing costs. C. demand. D. comparative advantage.