Elasticity measures how responsive quantity is to changes in price
a. True
b. False
Indicate whether the statement is true or false
True
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Refer to Figure 2-8. The linear production possibilities frontier in the figure indicates that
A) Vidalia has a comparative disadvantage in the production of roses. B) it is progressively more expensive to produce orchids. C) Vidalia has a comparative advantage in the production of orchids. D) the tradeoff between roses and orchids is constant.
Suppose the dollar—euro exchange rate falls. Then
A) French firms will import more from the United States into France. B) U.S. firms will export less to France. C) the dollar is less valuable relative to the euro. D) the euro is more valuable relative to the dollar.
Which of the following is false? a. Markets can make products better
b. Markets can make products cheaper. c. Markets can create new products. d. Markets only result in producing those goods and services that are socially desirable.
Doomsday forecasts about running out of natural resources, with dire consequences,
a. have occurred at least as far back in time as the 16th century. b. have generally been correct, and resources today are nearly all rising in price. c. seldom are taken seriously enough by the public. d. began to be heard for the first time after Earth Day of 1970.