Autonomous consumption is consumer spending which is based on income levels
Indicate whether the statement is true or false
FALSE
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Refer to Figure 2-8. What is the opportunity cost of producing 1 ton of pineapples in Guatemala?
A) 1/2 of a ton of coconuts B) 1 1/3 tons of coconuts C) 2 tons of coconuts D) 180 tons of coconuts
Which of the following situations can lead to a winner's curse?
a. A bid which is won by multiple bidders but fails to cover the expectations of the seller. b. A win which makes a player over-enthusiastic about further gambles. c. An overoptimistic bid which helps the bidder to win but fails to cover his costs. d. A win which makes the player risk-averse toward future gambles.
ch1.Criteria for rationing goods and resources must be established due to which of the following?
What will be an ideal response?
Gross domestic product equals the sum of consumption, investment, and government purchases.
Answer the following statement true (T) or false (F)