In economics, ________ are limited but ________ are unlimited
A) wants; resources
B) resources; wants
C) money; ideas
D) ideas; money
Answer: B
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When the price of a good rises, the resulting change in quantity demanded due solely to the decline in your income's purchasing power is called the
a. Giffen-good phenomenon. b. law of demand. c. substitution effect. d. income effect.
According to the U.S. Secret Service, approximately $2.6 billion of U.S. paper currency in circulation is counterfeit. As long as counterfeit U.S. currency remains undetected and in circulation, an increase in the U.S
inflation rate would essentially A) decrease the real value of the counterfeit currency. B) increase the nominal value of the counterfeit currency. C) increase the real value of the counterfeit currency. D) decrease the nominal value of the counterfeit currency.
If the MPC = 0.9, the multiplier would be
A) 0.1. B) 2. C) 9. D) 10.
When the price of a good rises from $5 to $7 a unit, the quantity supplied increases from 110 to 130 units a day. The price elasticity of supply is _______. The supply of the good is _______
A. 60; elastic B. 10; elastic C. 0.5; inelastic D. 2; inelastic