A substitute is a good or service:
a. that can be used in place of another good or service.
b. used with another good or service.
c. that cannot be replaced with another good or service.
d. that can have no demand for itself.
a. that can be used in place of another good or service.
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The workers in Adam Smith’s famous pin factory, who were proficient in pin production, faced the problem of
A. too many different tasks. B. becoming bored with their jobs. C. needing to exchange pins for other goods and services. D. not having too few pins to purchase other goods and services.
Refer to the scenario above. Using 2012 as the base year, what is the real GDP of the economy in 2013?
A) $49,500 B) $55,000 C) $47,000 D) $56,000
Consumer equilibrium occurs at:
a. any point of intersection between the budget line and an indifference curve. b. a point of tangency between the budget line and an indifference curve. c. the point where the slope of the indifference curve equals the ratio of the quantities. d. a point where the budget line cuts the curve from below.
An example of human capital is the purchase of a computer to help accountants
a. True b. False Indicate whether the statement is true or false