The lure of _______ directs resources toward capital investments.
A. future profits
B. current consumption
C. high interest rates
D. future interest rates
Answer: A
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If the price elasticity of demand for a good is 2, then a 10 percent increase in the price of that good ________ the quantity demanded by ________ percent
A) increases; 20 B) decreases; 2 C) decreases; 10 D) decreases; 20 E) increases; 8
The ability to produce a good or service using fewer resources than other producers use is known as
a. absolute advantage. b. comparative advantage. c. comparative specialization. d. absolute specialization.
If P represents the price of goods and services measured in money, then 1/P is the value of money measured in terms of goods and services
a. True b. False Indicate whether the statement is true or false
Monopoly pricing prevents some mutually beneficial trades from taking place. These unrealized, mutually beneficial trades are
a. of little concern to society. b. a deadweight loss to society. c. a sunk cost to society. d. also observed in competitive markets.