In economics
A) both resources and wants are limited.
B) both resources and wants are unlimited.
C) resources are limited but wants are unlimited.
D) resources are unlimited but wants are limited.
C
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If a good has a price elasticity of demand of -3, it implies that:
A) if the income of the consumer increases by 3%, the quantity demanded of that good will increase by 1%. B) if the income of the consumer increases by 1%, the quantity demanded of that good will increase by 3%. C) if the price of the good increases by 1%, the quantity demanded of the good will decrease by 3%. D) if the price of the good increases by 3%, the quantity demanded of the good will increase by 1%.
After legislation is signed into law, the time it takes before actual fiscal stimulus is noticed is termed as: a. signal lag
b. implementation lag. c. impact lag. d. recognition lag.
Adam Smith's book, one of the first systematic treatments of economics, was entitled
a. The Plan of the Ages. b. The General Theory of Money, Taxes, and Income. c. The Wealth of Nations. d. Principles of Economics. e. Concepts in Moral Philosophy.
Given the information in the table below, find the marginal utility and the total utility.
