If scarcity were eliminated,
a. all goods would be free.
b. no one would have to make any choices.
c. everyone could have all they want at no cost.
d. all of the above are true.
D
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How has economist Robert Fogel explained that economic growth is connected to life expectancy? Based on this connection, in what country would you expect to have a longer life expectancy, the United States or India? Explain
What will be an ideal response?
Three of the four following questions are indicative of the three fundamental economic questions. Leaving out the irrelevant question, rearrange the three relevant questions in the order an economy must answer them. - Should electricity be produced from oil, solar, or nuclear power? - Should corn be produced in the North or in the South? - Who drives a Mercedes? - Should more hybrid cars and fewer SUVs be produced?
A. 1. Should more hybrid cars and fewer SUVs be produced? 2. Should corn be produced in the North or in the South? 3. Should electricity be produced from oil, solar, or nuclear power? B. 1. Who drives a Mercedes? 2. Should more hybrid cars and fewer SUVs be produced? 3. Should corn be produced in the North or in the South? C. 1. Should more hybrid cars and fewer SUVs be produced? 2. Should electricity be produced from oil, solar, or nuclear power? 3. Who drives a Mercedes? D. 1. Should electricity be produced from oil, solar, or nuclear power? 2. Should more hybrid cars and fewer SUVs be produced? 3. Should corn be produced in the North or in the South?
An indifference curve between one dozen eggs and several dozens of eggs would be
A) bowed in to the origin. B) bowed out from the origin. C) a downward sloping straight line. D) a straight line from the origin.
When the absolute price elasticity of demand is greater than 1, demand is
A. elastic. B. unit-elastic. C. inelastic. D. undetermined without more information.