The production possibilities frontier (PPF) depicts the combinations of goods that provides society with the maximum possible benefit
a. True
b. False
Indicate whether the statement is true or false
False
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"If an individual is to maximize the utility received from consumption, he or she should spend all available income. . . .". This statement assumes
a. that saving is impossible. b. that the individual is not satiated in all goods. c. that no goods are "inferior.". d. Both a and b.
Suppose you put $500 into a bank account today. Interest is paid annually and the annual interest rate is 3%. The future value of the $500 in 5 years to the nearest cent is
a. $575.00 b. $578.81 c. $579.64 d. None of the above is correct.
Explain what guaranteed price matching means. What are the consequences of such a policy?
What will be an ideal response?
Luxury items tend to have ________ demand, and necessities tend to have ________ demand.
A. unit elastic; perfectly inelastic B. relatively elastic; inelastic C. perfectly elastic; perfectly inelastic D. relatively inelastic; elastic