According to the text, the income elasticity of demand for food in industrialized nations is lower than that of poorer nations
Indicate whether the statement is true or false
F
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Positive marginal utility implies increasing total utility
a. True b. False
The Scarcity Principle applies to:
A. only market decisions, e.g., buying a car. B. all decisions. C. only non-market decisions, e.g., watching a sunset. D. only the poor.
A positive economic statement is:
A. an opinion of an action that should be taken. B. an action that will have a positive effect on the economy. C. a statement testable by facts. D. a claim that the speaker is positive will occur.
Refer to the information provided in Table 31.1 below to answer the question(s) that follow.Table 31.1PeriodQuantity of Labor (L)Quantity of Capital (K)Total Output (Y)1 50 50 2002 60 50 2203 70 50 2354 80 50 245Refer to Table 31.1. When moving from Period 1 to Period 4, labor productivity
A. decreases. B. increases. C. does not change. D. first increases, then decreases.