Using the economic way of thinking, what do a pencil, stick of gum, and balloon have in common?
A) Each is produced by a single person.
B) Each is produced by a small number of people.
C) Given the state of modern technology and high-speed processing, each can soon be produced without any human intervention at all.
D) The production of any one of the goods mentioned above requires the voluntary cooperation of millions of producers and traders.
D
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Explain why crossing indifference curves would lead to a logical inconsistency
What will be an ideal response?
Almost all of the rent that tenants pay to landlords of apartments buildings is economic rent.
Answer the following statement true (T) or false (F)
For a given market demand curve, if the market clearing price increases, then the amount of consumer surplus will
A. decrease. B. become negative. C. increase. D. None of these due to insufficient information.
Refer to the given graph. A shift of the consumption schedule from C 2 to C 1 might be caused by a(n):
A. increase in real GDP.
B. reverse wealth effect, caused by a decrease in stock market prices.
C. decrease in income tax rates.
D. decrease in saving.