Goods that have been produced but not yet sold are referred to as
A) capital goods. B) inventories. C) understocks. D) pre-sold goods.
B
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Which of the following is a result of scarcity?
a. Costs are incurred in making choices. b. We attempt to utilize our resources as efficiently as possible. c. We must make choices between production possibilities. d. We are unable to produce all we would like to produce. e. All of these.
In general, the quantity of savings supplied to be used for lending increases with the rate of interest
a. True b. False Indicate whether the statement is true or false
A possible solution to errors-in-variables bias is to
A) use log-log specifications. B) choose different functional forms. C) use the square root of that variable since the error becomes smaller. D) mitigate the problem through instrumental variables regression.
No matter what the price of orange juice is , Lili spends $20 a week on orange juice. We can conclude that the absolute value of the price elasticity of demand for orange juice for Lili is
A. greater than 1. B. equal to 1. C. none of these. D. less than 1.