Figure 3.4 illustrates the demand for tacos. If people expect the price of tacos to decrease in the near future, this would most likely bring about a movement from:
A. point a to point b.
B. point c to point a.
C. D2 to D0.
D. D0 to D1.
Answer: C
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Refer to Figure 2-1. Which arrow represents the flow of goods and services?
a. A
b. B
c. C
d. D
The closing of the frontier in the early 20th century led eventually to
(a) exhausting the land of all fertility by overusing it. (b) a change from an "intensive" to an "extensive" use of the land. (c) an emphasis on water conservation projects and the irrigation of arid lands. (d) the sale of Bureau of Land Management and Forest Service lands to provide more land for private agriculture.
A skilled worker is an example of:
a. unproductive resources. b. land resources. c. labor resources. d. capital resources. e. both labor and capital resources.
Identify the correct statement
a. Demand is the total quantity of a product that people are willing, even if unable, to purchase at a given price. b. Demand for a product is the same as the quantity demanded of a product. c. Demand represents the different quantities of a good or service that provides consumers the same amount of utility. d. Demand is the quantity of a product that people are willing and able to purchase at different prices. e. Demand is the quantity of a product that producers are willing to produce at a particular price.