Refer to Figure 2-1. ________ is (are) unattainable with current resources
A) Point A B) Point B C) Point C D) Points A and C
C
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We observed that the price of a good rises and the quantity purchased also rises. Everything else being equal, it is consistent that
A. the price of a substitute good fell. B. the price of a complement rose. C. income rose. D. costs of inputs increased.
When buying a car from a dealer, to get a better bargaining position
a. Always carry your check book to show willingness to buy b. Carry only blank checks to ease the transaction c. Carry a cashier check that cannot be modified d. All of the above
When measuring the opportunity cost of taking a vacation to Europe, the money spent on the flight, hotels, and meals is
a. generally less than the opportunity cost of the vacation b. generally greater than the opportunity cost of the vacation c. generally equal to the total opportunity cost of the vacation d. equal to the total opportunity cost of the vacation only if the vacation was planned well in advance e. equal to the total opportunity cost of the vacation only if there was little advanced planning
Which of the following is a driving force underlying economic growth?
What will be an ideal response?