Every person's and, ultimately, every economy's standard of living depends on the effective use of resources.
Indicate whether the statement is true or false.
A. True
B. False
Answer: True
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A time-series graph measures
A) the value of one variable against the value of another variable. B) the value of an economic variable for different groups in a population at a point in time. C) time on the x-axis and the variable or variables in which we are interested on the y-axis. D) time on both the x-axis and y-axis and the variable or variables in which we are interested in the rest of the figure. E) time on the y-axis and the variable or variables in which we are interested on the x-axis.
The income elasticity of demand is
A) positive for a normal good. B) zero for an inferior good. C) less than one for an income elastic normal good. D) Only answers A and B are correct. E) Answers A, B, and C are correct.
The cost associated with foregoing the opportunity to employ a resource in its best alternative use is called:
A. an avoidable cost. B. a sunk cost. C. an opportunity cost. D. the user cost of capital.
Demand is said to be inelastic if a(n) ______.
a. 9 percent price increase causes a 11 percent increase in quantity demanded b. 5 percent price increase causes 6 percent reduction in quantity demanded c. 8 percent price increase causes an 8 percent reduction in quantity demanded d. 10 percent price increase causes a 2 percent reduction in quantity demanded