The study of economics
A) focuses mainly on individual consumers.
B) arises from the fact that our wants exceed available resources.
C) recognizes that scarcity does not affect rich nations.
D) deals mainly with microeconomics.
B
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The table above gives the demand schedule for snow peas. The demand curve for snow peas is a straight line and so the elasticity of demand is
A) 1 at all prices. B) the same at all prices but not 1. C) higher at higher prices. D) lower at higher prices.
The U.S. Postal Service uses Ramsey pricing
Indicate whether the statement is true or false
While GDP includes what is spent on environmental protection, healthcare, and education, it does not include _________ levels of environmental cleanliness, health, and learning.
a. actual b. historical c. future d. planned
The index of leading indicators was developed to provide more reliable information on
a. the expected future direction of the economy. b. the future profitability of the leading companies in various industries. c. where the economy has been in the recent past. d. the extent to which the economy's existing plant and equipment capacity is being used.