The law of increasing opportunity cost results from the varying ability of resources to adapt to the production of different goods and it helps to explain why production possibilities curves are typically bowed outward
Indicate whether the statement is true or false
True
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Suppose a retail store was offering 10% off list prices on all goods. The benefit of the 10% savings is:
A. unrelated to the list price of the good. B. zero since costs and benefits shouldn't be measured proportionally. C. positively related to the list price of the good. D. negatively related to the list price of the good.
If the demand for salad dressing increases when the price of lettuce decreases, the cross-price elasticity of demand between salad dressing and lettuce will be ________ because these two goods are ________.
A. negative; substitutes B. zero; inferior C. equal to 1; inelastic D. negative; complements
The sentries were not at their posts, in no small part due to the
What will be an ideal response?
Which of the following is NOT an example of a command-and-control regulation to limit pollution?
A. Fuel economy standards for all new cars B. A 50-cent tax on gasoline C. Mandating the use of catalytic converters on all new vehicles D. A ban on leaded gasoline