Since price tends to equal marginal utility, the price of water is low and the price of diamonds is high
a. True
b. False
Indicate whether the statement is true or false
True
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Migration from poor to rich countries hurts poor countries through
a. loss of educated individuals b. residents sending money abroad to migrants c. tightening job markets at home d. opening executive jobs to workers from developed countries e. all of the above
If the short run elasticity of demand for bus service is 1.01, we would expect the long run elasticity of demand to be: a. relatively inelastic. b. greater than 1.01
c. equal to 1.01. d. less than 1.01.
At any given moment there is one exchange rate: a. for all the world's currencies
b. for currencies in the free world. c. between every pair of currencies. d. established by the Federal Reserve System.
Economics is primarily the study of
a. how to make money in the stock market. b. how to operate a business successfully. c. the allocation of scarce resources in an effort to satisfy wants that are virtually unlimited. d. the methods business firms use to reduce their costs of production.