Any combination of goods that can be produced with currently available resources is an:
A. inefficient point.
B. attainable point.
C. efficient point.
D. attainable and efficient point.
Answer: B
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Marginal analysis is useful in economics, but not in other areas of life.
Answer the following statement true (T) or false (F)
If the demand for a good is price elastic, then the price elasticity will be
a. equal to one b. equal to zero c. greater than one d. less than one e. less than zero
The law of comparative advantage applies to exchange between
a. individuals. b. regions. c. nations. d. all of the above.
The statement, "John buys more of good X as his income increases, Ceteris paribus," means:
A. John's income is being held constant. B. John's purchases of good X are being held constant. C. John's income and purchases of this good are being held constant. D. the price of this good is being allowed to change.