Just as resources are scarce for the individual,
a. they are also scarce for the economy as a whole
b. they are never scarce for the economy as a whole
c. they are randomly abundant for other individuals
d. there will be zero resources available for the economy as a whole
e. the economy a whole is never faced with having to make rational choices about using resources
A
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Refer to Figure 3-1. A decrease in taste or preference would be represented by a movement from
A) A to B. B) B to A. C) D1 to D2. D) D2 to D1.
If the economic growth rate SLOWS from 5% to 1%, the simple accelerator hypothesis suggests that
A) investment will continue to rise as output increases. B) investment will fall as output increases. C) investment will accelerate since output growth is positive. D) None of the above is correct.
Which is the best example of an intangible good?
A) the car you dream of owning but cannot afford B) the suit you hope will make a good impression when you go on job interviews C) the textbook study guide you hope will prepare you to perform well on examinations D) the advice and expertise provided by the music store clerk who sold you that CD
Suppose a loaf of bread sold for $3.00 in 2008 . The price of bread then increases to $3.60 in 2009 . The price index for bread considering 2008 as the base year is _____
a. 1.20 b. 83.33 c. 120 d. 100 e. 20