Forest lives in complete isolation in Montana. He is self-sufficient and feeds himself through hunting, fishing, and farming. Which of the following statements about Forest is true?
A. Forest has to make trade-offs.
B. Forest has unlimited resources.
C. Forest is not required to make trade-offs because he is self-sufficient.
D. Forest doesn't have to consider costs and benefits.
Answer: A
You might also like to view...
Between 1866 and 1914, statistical evidence suggests that many big businesses depended heavily on U.S. protectionist policies
Indicate whether the statement is true or false
Compared to the GDP deflator, the consumer price index measures:
A) the price of all the goods and services produced in the economy.
B) the price of a fixed market basket of goods and services.
C) the price of exported goods and services.
D) the price of wholesale goods and services.
? A decrease in nominal incomes cause a:
A. ?rightward shift in the short-run aggregate supply curve. B. ?leftward shift in the short-run aggregate supply curve. C. ?rightward shift in the long-run aggregate supply curve. D. ?leftward shift in the long-run aggregate supply curve.
In the production function Y = f(K, NA), for a given state of technology, constant returns to scale implies that output (Y) will increase by 7% when
A) K or NA increase by 7%. B) K and N increase by 7%. C) N or A increase by 7%. D) N and A increase by 7%. E) all of the above