An accurate demand curve can be derived by examining the quantities of a good that are sold over time as the price varies.
Answer the following statement true (T) or false (F)
False
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Scarcity reflects our inability to satisfy wants due to:
A. unlimited resources. B. limited resources. C. inefficient political systems. D. unemployed workers.
If water quality law prevents the achievement of the efficiency criterion
a. that law must be repealed b. a “second-best” economic solution is to identify cost-effective policy initiatives c. cost-effectiveness is also prevented d. polluting sources should abate up to the point where total social benefits are maximized
Explain the difference between comparative advantage and absolute advantage. Give an example of each.
What will be an ideal response?
Suppose the current level of output is 5000 and the elasticity of output with respect to capital is 0.4. A 10% increase in capital would increase the current level of output to
A. 5050. B. 5200. C. 5020. D. 5500.