A principle is a self-evident truth that most people readily understand and accept.
Answer the following statement true (T) or false (F)
True
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The rate at which a person is willing to give up a gallon of gasoline to get one more pound of coffee and remain on the same indifference curve is called his or her
A) relative cost of coffee in terms of gasoline. B) indifference cost of coffee. C) personal price of coffee. D) marginal rate of substitution.
In a competitive market, a decrease in consumer demand leads to
a. a decrease in output b. an increase in output c. economic profits d. higher prices e. technological innovation
The benefits principle states that those who
a. pay the taxes should reap the benefits. b. reap the benefits from government should pay the taxes. c. are best able to pay should pay for what they receive. d. pay taxes get the benefits they deserve.
Tom loses his job and immediately begins looking for another. Other things the same, the unemployment rate
What will be an ideal response?