The demand for a resource depends primarily on:
A. the supply of that resource.
B. the demand for the product or service that it helps produce.
C. the price of that input.
D. the elasticity of supply of substitute inputs.
Answer: B
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Refer to Figure 18.2. After trade and specialization begin, the maximum amount of fishing poles that Macadamia can consume is
A) 40. B) 100. C) 120. D) 160.
In order for someone to switch from borrowing to saving when the interest rate falls, it must be that current consumption is an inferior good.
Answer the following statement true (T) or false (F)
Refer to the figure above. If John spends his entire income on tables, how many tables can he purchase?
A) 8 B) 10 C) 30 D) 40
If the government grants tax credits to first-time homebuyers, the supply of houses would increase and the price of housing would fall.
Answer the following statement true (T) or false (F)