The fact that a higher standard of living tomorrow can only be achieved by sacrificing consumption today is an example of the:
A. principle of increasing opportunity costs.
B. scarcity principle.
C. equilibrium principle.
D. principle of comparative advantage.
Answer: B
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Use the diagram of two product supply curves to answer the following question.
The diagram indicates that
A. over range Q1Q2 price elasticity of supply is the same for the two curves. B. over range Q1Q2 price elasticity of supply is greater for S2 than for S1. C. over range Q1Q2 price elasticity of supply is greater for S1 than for S2. D. not enough information is given to compare price elasticities.
Refer to Table 9-12. With trade, what is the total gain in belt production?
A) 20 B) 40 C) 60 D) 120
Which of the following is an example of a fungible commodity?
A. Picasso paintings B. Houses C. Live concerts D. None of these is a fungible commodity.
The rule of reason was an antitrust law guideline that emphasized the importance of ________ over ________
a. price; quantity b. quantity; price c. law; the economy d. size; behavior e. behavior; size