Complete the following analogy: A criminal is to a police artist's sketch as the economy is to:
a. money.
b. an economic model.
c. a resource.
d. Ceteris paribus.
e. scarcity.
b
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Refer to the scenario above. Which of the following is true of the demand curve of the product in the price range of $4 to $5?
A) The demand curve is elastic. B) The demand curve is inelastic. C) The demand curve is horizontal. D) The demand curve is upward sloping.
What is utility and how do we use the concept of utility to describe a consumer's preferences?
What will be an ideal response?
The income—expenditure identity says that
A) Y = C + S + T. B) Y = C + I + G. C) Y = C + I + G + NX. D) Y = C + I + G + NX + CA.
Because of ongoing changes in farm technology over the last two centuries, the average farm size in the U.S
a. increased, and the number of farms decreased b. increased, and the number of farms increased c. stayed virtually the same, but the number of farms decreased d. decreased, and the number of farms increased e. decreased, and the number of farms decreased