Households' expenditure on goods and services are sources of revenue for the firms
a. True
b. False
Indicate whether the statement is true or false
True
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When the price of beef rises, consumers switch consumption to substitutes such as chicken and fish, thereby decreasing the demand for beef
Indicate whether the statement is true or false
The primary area of growth in the modern U.S. economy is
a. the manufacturing sector. b. the agricultural sector. c. the service sector. d. the market for U.S. exports.
The demand curve for capital is ____ and its supply curve is ____
a. downward sloping; downward sloping b. upward sloping; upward sloping c. downward sloping; upward sloping d. upward sloping; downward sloping
If the demand for a good is perfectly inelastic, what will happen to the quantity demanded if there is a tiny increase in price?
a. quantity demanded will increase proportionately b. quantity demanded will fall to zero c. quantity demanded will decrease proportionately d. quantity demanded will remain the same