Suppose an ocean liner sinks and the passengers are stranded on a lush tropical island. Which of the following could most likely be used as money in the economy that develops among the survivors?
a. The life jackets they put on when leaving the ship
b. The beads from the necklaces that were given out as party favors on the night the ship sank
c. The coconuts growing on the island
d. The fish in the sea around the island
e. The sand on the island's beaches
b
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Use the data in the table below to answer the following question.PriceQuantity Demanded$201218171620142412301036840644448Over which price range is the demand unit-elastic?
A. $16-$14 B. $14-$12 C. $12-$10 D. $18-$16
Which of the following statements is true of the U.S. economy in the last 200 years?
A) The growth rate of GDP has been more than 10% per year. B) The GDP per capita has decreased. C) The GDP per capita has increased. D) There has been no contraction in the economy.
Refer to Table 2-1. Assume Tomaso's Trattoria only produces pizzas and calzones. Tomaso faces ________ opportunity costs in the production of pizzas and calzones
A) decreasing B) constant C) increasing D) negative
If the cross-price elasticity of demand between two products is positive, we can conclude that the two products are substitutes
Indicate whether the statement is true or false