For a person who consumes only steak and lobster, a fall in either the price of a steak or the price of a lobster shifts the budget line for the two leftward and does not change its slope
Indicate whether the statement is true or false
FALSE
Economics
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The greater the substitutability between Northwest timber and Southeast timber, the ________ is the cross elasticity of demand between timber from the two regions and the ________ is the elasticity of demand for Northwest timber
A) smaller; smaller B) smaller; larger C) larger; smaller D) larger; larger
Economics
Representative democracy makes no sense from an economic point of view
a. True b. False
Economics
If Bill Gates voluntarily gives some of his money to a destitute family, it would be a Pareto improvement
a. True b. False
Economics
The equilibrium solution for the following payoff matrix is: AABA: ?1, B: ?1A: 5, B: 0BA: 2, B: 2A: 10, B: 1
A. 10, 1. B. ?1, ?1. C. 5, 0. D. 2, 2.
Economics