Pumpkins are grown in New Mexico with the aid of fertilizer. Hence, fertilizer is a partial answer to which of the three economic questions?
What will be an ideal response?
Fertilizer is used to help produce the pumpkins, so it is a partial answer to the "How are goods and services produced?" question.
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Advocates of the passive approach to government economic policy believe that the government should lower tax rates when there is a recessionary gap
a. True b. False Indicate whether the statement is true or false
Economic profit equals NOPAY plus capital charges
Indicate whether the statement is true or false
The substitution bias means that
A. Consumer substitute towards good that have become relatively more expensive. B. Consumers substitute towards goods that have become relatively less expense. C. The CPI understates the increase in the cost of living each years. D. The CPI compensates for equal changes and accurately reflect the cost of living. E. None of the above.
Refer to the accompanying figure. For Pat, the opportunity cost of removing one bag of trash is planting:
A. 5 bulbs. B. 1/5 of a bulb. C. 100 bulbs. D. 1/100 of a bulb.