Human capital increases with college education.
Answer the following statement true (T) or false (F)
True
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If the substitution effect of a lowered price is partly or fully offset by the income effect, we know that the good in question is a(n)
a. complementary good b. inferior good c. luxury good d. normal good e. substitute good
creation of wealth
What will be an ideal response?
To consumers in an economy ______ are positive incentives, whereas ______ are negative incentives.
a. high prices; low taxes b. low prices; high wages c. high prices; high taxes d. low prices; high taxes
Which of the following is true of resources?
A. Resources are outputs from the production of goods and services. B. A $1,000 investment is an example of a capital resource. C. Entrepreneurship organizes resources to produce goods and services. D. Land resources do not include water.