In a modern economy, the economic life of every individual is interrelated
a. True
b. False
Indicate whether the statement is true or false
True
You might also like to view...
If good A is a normal good and income increases, the equilibrium price of A ________ and the equilibrium quantity of A ________
A) rises; increases B) rises; decreases C) falls; decreases D) falls; increases
A consumer values a car at $30,00 . and a producer values the same car at $20,000 . If the transaction is completed at $24,000 . the transaction will generate:
a. No surplus b. $4,00 . worth of seller surplus and unknown amount of buyer surplus c. $6,00 . worth of buyer surplus and $4,00 . of seller surplus d. $6,00 . worth of buyer surplus and unknown amount of seller surplus
According to the rule of 70, if the interest rate is 5 percent, how long will it take for the value of a savings account to double?
a. about 3.5 years b. about 6.3 years c. about 12 years d. about 14 years
For a Giffin good, the income effect is
A. less than the substitution effect. B. the same as the substitution effect. C. greater than the substitution effect. D. in the same direction of the substitution effect.