Economic growth is:
A. about the quality of life for all sectors of society.
B. an indicator of individual poverty.
C. a measurement of available resources.
D. the measure of changes in real GDP.
D. the measure of changes in real GDP.
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Assume that the price for lawn care has fallen and sales of lawn care services have also fallen. One can conclude that
A) lawn care services are deliberately charging low prices because they want to discourage people from maintaining their own lawns. B) the demand for lawn care service has decreased. C) the law of supply has been violated. D) the number of lawn care service companies has increased.
In the above figure, the demand curve for Good A shifts from D1 to D2 in Graph A when the price of Good B changes from P1 to P2 in Graph B. We can conclude that
A) Good A and Good B are substitutes. B) Good A and Good B are complements. C) Good A is a normal good but Good B is an inferior good. D) Good A and Good B are unrelated.
Microsoft found that instead of producing a dvd player and a gaming system separately, it is cheaper to incorporate dvd playing capabilities in their new version of the gaming system. Microsoft is taking advantage of
a. Economies of Scale b. Learning curve c. Economies of Scope d. Decreasing marginal costs
Demand is price-elastic at the top portion of a straight-line downward-sloping demand curve
a. True b. False Indicate whether the statement is true or false