Rich countries (measured by GDP per capita) tend to have __________ infant mortality rates, __________ life expectancies at birth, and __________ adult literacy rates than poor countries
a. higher; higher; higher
b. lower; higher; higher
c. lower; lower; higher
d. lower; lower; lower
e. lower; higher; lower
B
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An example of an opportunity cost is the time you forgo to eat a "free lunch."
a. True b. False Indicate whether the statement is true or false
If the price of oil increased by 15 percent when oil producers believed that other prices were rising 10 percent over the same period, what would happen to the quantity of real output supplied by the oil industry?
Which of the following is a factor that affects both the supply of and demand for a good?
A. Technology B. Price of inputs C. Consumers' income D. Government regulations
Why does gold, which is a relatively nonessential item, have a higher price than water, which is essential to life?
What will be an ideal response?