The scarcity of physical resources such as fuel means:
a. we should keep our homes cooler in the winter
b. we should keep our homes warmer in the summer
c. we should live close to our jobs to conserve fuel
d. all of these are true.
d
You might also like to view...
The reservation value of a seller reflects her ________
A) willingness to pay for using a resource B) marginal cost C) marginal revenue D) total cost
Columbia produces coffee with less labor and land than any other country; it therefore necessarily has a. an absolute advantage in coffee production
b. a comparative advantage in coffee production. c. both a comparative and absolute advantage in coffee production. d. an absolute advantage and comparative disadvantage in coffee production.
Opportunity cost includes
A. only the actual amount spent on a choice. B. the value of foregone actions but not dollar outlays. C. the value of foregone options plus the dollar outlays associated with a choice. D. the amount you are paid to select an opportunity.
As the price elasticity of supply approaches infinity, very small changes in price lead to
a. very large changes in quantity supplied. b. very small changes in quantity supplied. c. no change in quantity supplied. d. None of the above is correct.