About what percent of the world's water supplies are used for agricultural purposes?
a. 90
b. 70
c. 45
d. 20
e. 10
Ans: b. 70
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Economists have proved that a substantial increase in income during a month does not affect consumption much in the short run unless it is perceived as a permanent increase
a. True b. False Indicate whether the statement is true or false
If the interest rate rises, a profit-maximizing firm will tend to
a. invest in more projects (such as new plants) with payoffs in the future. b. invest in fewer projects with payoffs in the future. c. increase both current output and future output. d. reduce both current output and future output.
Which of the following is true of dependent variables?
A. A dependent variable can only have a numerical value. B. A dependent variable cannot have more than 2 values. C. A dependent variable can be binary. D. A dependent variable cannot have a qualitative meaning.
A payment for the use of any resource over and above its opportunity cost is called
A. accounting profit. B. normal cost. C. economic profit. D. economic rent.