The main idea of demand is that
A. sales increase at lower prices.
B. price does not affect sales.
C. medical products should be free.
D. sales do not vary if prices change.
A. sales increase at lower prices.
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The United States imports t-shirts because
A) it is a dangerous job to produce them. B) the United States has a lower opportunity cost of production. C) the United States must import goods and services from other countries so that they can develop economically. D) foreign economies have an absolute advantage in their production. E) foreign nations have a lower opportunity cost of production.
The interest rate:
A. is expressed as a percentage per dollar borrowed and per unit of time. B. tells us how much less money is worth today than in the future. C. exists only because lending is risky. D. All of these statements are true.
Suppose that Silvia's Dance Studio uses both labor and capital to teach dance lessons. Given her current mix of labor and capital, the cost efficiency of labor is 1 dance lesson per dollar, and the cost efficiency of capital is 5 dance lessons per dollar. Silvia should
A. Use only labor to produce the lessons. B. Use only capital to produce the lessons. C. Hire less labor and use more capital. D. Use less capital and hire more labor.
Show me a pastoral society with an untouched environment, an abundance of leisure, and non-secular values, and I will show you an underdeveloped, poverty-ridden country." This statement is most likely to be made by a(n):
A. Advocate of learning by doing B. Advocate of network effects C. Proponent of economic growth D. Critic of economic growth