In a two-person exchange, if the price offered to the seller is less than the opportunity cost of production, the exchange will not take place
Indicate whether the statement is true or false
T
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The quantity of ________ by households will be less ________
A) saving; the higher is disposable income B) saving; the lower is the real interest rate C) consumption; the lower is the inflation rate D) consumption; the higher is disposable income
An increase in production costs will shift the:
A) aggregate demand curve. B) short-run aggregate supply curve. C) long-run aggregate supply curve. D) none of the above.
For ________ goods, market demand is the horizontal summation of individual demand curves and for ________ goods, market demand is the vertical summation of individual demand curves.
A. public; private B. nonexcludable; excludable C. private; public D. nonrival; rival
The relationship between income and education is clear. At every age, those with more education earn more
a. True b. False