Recall the Application about craft beer and the increase in the price of hops to answer the following question(s).Recall the Application. An increase in the production of beer resulted in the demand for hops because hops are ________ to beer.
A. inputs
B. completely unrelated
C. complements
D. substitutes
Answer: A
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Suppose your expenses for this term are as follows: tuition: $5,000, room and board: $3,000, books and other educational supplies: $500
Further, during the term, you can only work part-time and earn $4,000 instead of your full-time salary of $10,000. What is the opportunity cost of going to college this term, assuming that your room and board expenses would be the same even if you did not go to college? A) $5,500 B) $8,500 C) $11,500 D) $14,500
The market for renewable resources often fail to allocate the resources to their highest-valued uses
a. True b. False Indicate whether the statement is true or false
If you made a wish list of things you wanted but did not now have, they you became able to have the things on that list, scarcity would be eliminated
a. True b. False Indicate whether the statement is true or false
Which of the following is likely to have the most price inelastic demand?
a. chocolate b. Godiva chocolate c. Hershey's chocolate d. All three would have the same elasticity of demand because they are all related.