Which of the following examples shows a decreasing-cost industry?
a. As coal mining contracts, the price of drills rise.
b. As the DVD industry contracts, the price of DVDs drops.
c. As commercial farming expands, the price of suitable land rises.
d. As the transistor radio industry expands, the price of transistors drops.
d. As the transistor radio industry expands, the price of transistors drops.
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Higher price elasticity of demand means that a consumer's demand is:
A) more responsive to price changes. B) less responsive to price changes. C) less responsive to income changes. D) more responsive to income changes.
Without contracts, what type of transactions would occur?
A) forward purchases. B) lateral purchases. C) spot transactions. D) side bars.
Creating money is the same as creating wealth
a. True b. False
Estimates of the values of which of the following non-market goods or services are included in GDP?
a. the value of unpaid housework b. the value of services provided by major household appliances purchased in a previous period c. the estimated rental value of owner-occupied homes d. All of the above are included in GDP.