If inflation is unanticipated, no redistribution of income can occur
Indicate whether the statement is true or false
FALSE
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Answer the following statements true (T) or false (F)
1. The basic function of any economic system is to provide the framework for allocating scarce resources in a way that adequately satisfies unlimited wants. 2. Economics can be defined as the study of choices. 3. The United States has an abundance of resources and thus does not face the problem of scarcity. 4. The standard of living in most countries in the past has risen primarily as a result of a more skilled workforce and better machinery and equipment.
In the long run, more costs become fixed
Answer the following statement true (T) or false (F)
An administered price is a price
a. set by overall demand and supply. b. established by a seller. c. set by the government. d. determined through collective bargaining.
Andi uses all of her income to purchase books and games. At any two points A and B on Andi's budget constraint,
a. Andi is spending all of her income on books and games. b. Andi is spending one half of her income on books and the other half of her income on games. c. the price of books relative to the price of games is different. d. All of the above are correct.