A person obtains income by selling the services of the resources that he or she owns
a. True
b. False
Indicate whether the statement is true or false
True
You might also like to view...
Answer the next question based on the given supply and demand data for wheat.Bushels Demanded Per monthPrice per BushelBushels Supplied Per Month45$57750473563686126167157If the price in this market was $4
A. the market would clear; quantity demanded would equal quantity supplied. B. there would be a shortage of wheat. C. buyers would want to purchase more wheat than is currently being supplied. D. farmers would not be able to sell all their wheat.
Prior to agreeing to join NAFTA, Mexico had followed a free trade policy for more than 30 years
Indicate whether the statement is true or false
Assume that the economy is currently in short-run equilibrium, then personal income taxes decline. Describe the correct sequence of events that happen as the economy adjusts to a new short-run equilibrium (be sure to state what the impact would be on the price level and Real GDP)
Why does a price increase of a product result in a decrease in the quantity demanded of that product, according to utility analysis?
What will be an ideal response?