Scarcity has no importance to understanding economics

a. True
b. False
Indicate whether the statement is true or false


False

Economics

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If the percentage change in quantity demanded is less than the percentage change in price, we would say that over this range, demand is:

A) elastic. B) unit elastic. C) inelastic. D) perfectly elastic.

Economics

The bulk of federal budget receipts come from ______

a. individual income taxes b. social insurance revenues c. corporation income taxes d. excise taxes

Economics

Unusually good weather that improves crop production and a major oil discovery are both examples of a beneficial supply shock

Indicate whether the statement is true or false

Economics

As of 2015, ________ of U.S. adults aged 25-29 had at least a bachelor's degree.

A. 8.2% B. 13% C. just over 50% D. 35.6%

Economics