The demand for land is upward sloping.
Answer the following statement true (T) or false (F)
False
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The basic truth that underlies the study of economics is the fact that we all face
A. risk. B. scarcity. C. death. D. taxes.
Public goods differ from private goods in that:
a. they produce negative externalities. b. they are not scarce. c. their benefits cannot be denied to anyone. d. their consumption must be regulated by the government. e. their benefits are very narrow.
Economists assume that, in general, when individuals are faced with two choices that have the same expected value, they will prefer:
A. the one with higher risk. B. the one with lower risk. C. the one with the higher opportunity cost. D. the one with the lower future value.
Blu-ray players and Blu-ray discs are:
A. complementary goods. B. substitute goods. C. independent goods. D. inferior goods.