People must make choices because
a. wants are limited.
b. resources are unlimited.
c. they are unequally endowed with talent.
d. wants are unlimited and resources are scarce.
d. wants are unlimited and resources are scarce.
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Advances in productivity per acre can harm farmers by
a. reducing the uses for their farm goods b. increasing the price of farm goods, thereby reducing incomes c. increasing supply, thereby reducing farm prices and incomes d. increasing the demand for their goods so that consumers are priced out of the market e. decreasing the number of acres cultivated per farm
If an economy's growth rate of real GDP is 3 percent per year and the growth rate of the population is 2.5 percent per year, the growth rate of real GDP per person is
A) 3 - 2.5 = 0.5 percent per year. B) 3 + 2.5 = 5.5 percent per year. C) 2.5 - 3 = -0.5 percent per year. D) [(3 - 2.5 ) ÷ 2.5] × 100 = 20 percent per year. E) [(2.5 - 3 ) ÷ 3] × 100 = 16.6 percent per year.
As the number of available substitutes increases, the price elasticity of demand for a good:
A) initially increases then decreases. B) initially decreases then increases. C) decreases. D) increases.
Kate and Alice are small-town ready-mix concrete duopolists. The market demand function is Qd = 20,000 - 200P, where P is the price of a cubic yard of concrete and Qd is the number of cubic yards demanded per year. Marginal cost is $80 per cubic yard. The Cournot model describes the competition in this market. What is total output in the Nash equilibrium?
A. 4,000 B. 2,666.66 C. 1,600 D. 8,000