Which of the following statements best describes trade-offs?
a. With a trade-off, it is necessary to give up some of one good to gain more of the other good.
b. Trade-offs are not determined by the relative prices of the goods.
c. A trade-off is always represented by a straight vertical line.
d. A trade-off is always represented by a straight horizontal line.
a. With a trade-off, it is necessary to give up some of one good to gain more of the other good.
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Cross-section data observed at several points in time are called inverted data
Indicate whether the statement is true or false
In general, an increase in wages will lead to some reaction in line with
A. the income effect but not the substitution effect. B. the substitution effect but not the income effect. C. both the income and substitution effect. D. neither the income effect nor the substitution effect.
An increase in the price of cameras results in a decrease in the demand for film. The two products are
a. complements. b. unrelated. c. defective d. substitutes
Which of the following is considered an economic resource?
A. The ice cream that kids buy at the ice cream parlor B. The HD-TV sets in people's homes C. The land that is designated as national parks by the government D. shoppers buying stuff at the mall