What is the cross-price elasticity between beef and vegetables for a strict vegan when the price of vegetables increases?
A. Zero
B. Either zero or negative depending on whether the vegan eats less vegetables.
C. Positive
D. Negative
Answer: A
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Which of the following statements is true?
A) Gold is not a scarce resource. B) Both life-saving drugs and ice cream are examples of scarce goods. C) If a scarce resource is given away for free, everyone will be able to consume it. D) Scarcity means that there is an imbalance between unlimited resources and limited wants.
Important steps in the growth of the wage-labor system of the North in the early 19th century include which of the following?
(a) The advancement of many of the old skilled crafts and apprenticeship systems by the factory system (b) The fall in the demand for unskilled labor created by transportation improvements (c) The complication of work tasks in the factory, which allowed the use of women and child labor (d) Large-scale migration to the U.S. of relatively unskilled workers who sought jobs in the cities and factories
A market equilibrium occurs
A) only with government regulation. B) only because of the profit motive of firms. C) only because of the complacency of consumers. D) through the interaction of self-interested consumers and producers.
A country should export the goods in which it has an absolute advantage
a. True b. False Indicate whether the statement is true or false