An example of investment is the purchase of machinery by a manufacturing company
a. True
b. False
Indicate whether the statement is true or false
True
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Ramen noodles are a staple food item for many college students. Ramen noodles are very inexpensive, easy to prepare, and can be combined easily with other foods. After students graduate, find employment, and earn a higher income, they decrease their Ramen noodle purchases significantly. In this case, Ramen noodles are
A) a normal good. B) an inferior good. C) a complement for higher income people. D) a substitute good. E) None of the above answers is correct.
If a firm sells its output at a price greater than AVC, it will earn economic profit.
Answer the following statement true (T) or false (F)
What best describes the economic standing of the colonies on the eve of the Revolution?
a. The colonies were one of the richest nations in the world and had very little income inequality because of the many opportunities that existed. b. The colonies had a low per capita income and had little income inequality. c. The colonies were one of the richest nations in the world and had a significant amount of income inequality. d. The colonies had a low per capita income and had a significant amount of income inequality.
Skippy loves peanut butter. Skippy reads on the internet that 75 percent of the peanut crop in the South has been wiped out by drought, and that this will cause the price of peanuts to more than double by the end of the year. As a result, a. Skippy's demand for peanut butter will increase, but not until the end of the year. b. Skippy's demand for peanut butter increases today
c. Skippy's demand for peanut butter decreases as he considers buying almond butter. d. Skippy's demand for peanut butter shifts left today.