The availability of vast stocks of natural resources is an example of a(n):
A) implicit cause of prosperity. B) explicit cause of prosperity.
C) fundamental cause of prosperity. D) proximate cause of prosperity.
C
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Explain the effect of the following changes on equilibrium price and quantity of a commodity: (a) increase in average incomes. (b) increase in population.
What will be an ideal response?
In the Keynesian model, the difference between using monetary and fiscal policy to eliminate a recession is that
A) monetary policy will eliminate a recession quicker than fiscal policy will. B) fiscal policy will eliminate a recession quicker than monetary policy will. C) an expansionary monetary policy will leave the economy with a lower real interest rate than an expansionary fiscal policy. D) an expansionary fiscal policy will leave the economy with a lower real interest rate than an expansionary monetary policy.
If accounting profits are positive then economic profit is positive
Indicate whether the statement is true or false
The measure used to determine whether two products are substitutes or complements is called the: a. price elasticity of demand
b. income elasticity of demand. c. cross-price elasticity of demand. d. inverse elasticity of demand.