Coal is an example of
A) a nonrenewable natural resource.
B) a renewable natural resource.
C) capital.
D) a casual resource.
A
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If a product constitutes a large portion of a consumer’s income, demand will be more inelastic.
Answer the following statement true (T) or false (F)
A market maker faces the following demand and supply for widgets. Eleven buyers are willing to buy at the following prices: $15, $14, $13, $12, $11, $10, $9, $8, $7, $6, $5 . Eleven sellers are also willing to sell at the same prices. If the market maker wants to make three transactions, what should he bid (the suppliers)A market maker faces the following demand and supply for widgets. Eleven
buyers are willing to buy at the following prices: $15, $14, $13, $12, $11, $10, $9, $8, $7, $6, $5 . Eleven sellers are also willing to sell at the same prices. If the market maker wants to make three transactions, what should he bid (the suppliers) a. $9 b. $8 c. $7 d. $6
When an economy is operating well below its full-employment capacity and the marginal propensity to consume is 3/4, a $10 billion increase in investment will cause the equilibrium income to rise by
a. $5 billion. b. $10 billion. c. $20 billion. d. $40 billion.
If input cost rises significantly when production is increased, a firm's price elasticity of supply will tend to be low
Indicate whether the statement is true or false