The negative slope of a production possibilities frontier is a graphic representation of opportunity cost
a. True
b. False
Indicate whether the statement is true or false
True
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This table shows the demand and supply schedule of a good.
According to the table shown, at a price of $0.50 quantity demanded:
A. exceeds quantity supplied and a shortage exists.
B. is less than quantity supplied and a shortage exists.
C. exceeds quantity supplied and a surplus exists.
D. is less than quantity supplied and a surplus exists.
If the income elasticity of demand of houses is exactly 1.40 . Due to a recession, you expect incomes to drop by 25% next year. How will consumers adjust their purchase for houses?
a. Buy 35% more houses b. Buy 35% less houses c. Buy 25% more houses d. Buy 25% less houses
Which of the following is a valid criticism of the use of money as a store of value in modern economies?
A. annual inflationary loss of buying power B. money supply is too narrowly defined C. storing money is wasteful D. imperfect as a unit of account
The law of supply and the law of demand both rely on the concept of opportunity cost.
Answer the following statement true (T) or false (F)