The demand for a product is the quantity of it that people buy.
a. true
b. false
Ans: b. false
Economics
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The income that people earn in resource or factor markets is called:
a. national income. b. personal income. c. disposable personal income. d. transfer payments. e. net national product.
Economics
Static effects are the overall growth in the market and the impact on a company caused by expanding production and by the company's ability to achieve greater economies of scale.
a. true b. false
Economics
While developing countries have about ________ of the world's population, they produce less than ________ of the world's output.
A. 5/6; 1/4 B. 2/3; 1/3 C. 7/8; 1/8 D. 6/7; 1/2
Economics
People often complain about paying "outrageously high prices." Define an "outrageously high price" in terms of consumer surplus.
What will be an ideal response?
Economics