In Western nations, the desire for the incredible fruits of the materialist world may often
a. lead to very low opportunity costs of foreign aid
b. lead to low birth rates and high death rates
c. lead to an abandonment of the LDCs
d. come at the expense of tradition
e. lead to very high opportunity costs of innovation
D
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Refer to Figure 6-10. The supply curve on which price elasticity changes at every point is shown in
A) Panel A. B) Panel B. C) Panel C. D) Panel D.
If you sell an inferior good, offering to sell gift certificates to those looking for a gift may result in:
A. a smaller quantity sold than before the customer is given a gift certificate. B. a smaller quantity sold than if the customer resorts to giving a cash gift. C. a greater quantity sold than before the customer is given a gift certificate. D. a greater quantity sold than if the customer resorts to giving a cash gift.
A command economy eliminates markets.
Answer the following statement true (T) or false (F)
If the consumption schedule is linear, then the:
A. saving schedule will also be linear. B. MPS will decline as income rises. C. MPC will decline as income rises. D. APC will be constant at all levels of income.