The least costly way to produce a given level of output is indicated by the point of tangency between a budget line and the production indifference curve corresponding to that level of output
a. True
b. False
Indicate whether the statement is true or false
True
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Suppose we claim that the rapid economic growth in Barylia can be attributed to the culture hypothesis. Which of the following statements is most likely to be concluded from this claim?
A) Barylia must have large stocks of productive natural resources. B) Institutions in Barylia must have been inclusive. C) Barylia must have a huge stock of physical capital. D) The local people in Barylia must be socially inclined to work hard.
When comparing the price of a tablet with the price of a laptop, Amanda discovered the tablet was more expensive. This is an example of using money as
A) a store of value. B) a medium of exchange. C) a unit of accounting. D) a standard of deferred payment.
If the demand curve is a straight line with a negative slope, then demand is more elastic at higher prices than lower prices
a. True b. False
A change in price that has relatively little effect on quantity demanded is called elastic demand
Indicate whether the statement is true or false