The fallacy of composition states that even if something is true for an individual, it is not necessarily true for many individuals as a group
a. True
b. False
Indicate whether the statement is true or false
True
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Every social system confronts scarcity and therefore must
A. produce only free goods. B. try to produce outside its production possibilities frontiers. C. economize. D. allocate goods by government edict.
Over the elastic portion of a demand curve, a decrease in price causes:
a. an increase in total revenue. b. a decrease in total revenue. c. no change in total revenue. d. an increase in quantity demanded, but anything can happen to revenue.
Average fixed cost
a. increases as output increases. b. declines as output increases. c. is always zero. d. remains constant even if output increases. e. decreases and then increases as output increases.
A country operates inside its production possibilities curve; this may be caused by
A) unemployed resources. B) total efficiency in industry. C) a new resource being discovered. D) a lack of modern products being produced.