Resources are costly because they have alternative uses
a. True
b. False
Indicate whether the statement is true or false
True
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Prices set too low can actually be against the public interest.
Answer the following statement true (T) or false (F)
The points along the demand curve represent the maximum willingness of consumers to purchase a product
a. True b. False Indicate whether the statement is true or false
For each of the following, how would they be included in the national income accounts?
a. The University of California buys a new computer. b. Charles buys a new MP3 player. c. Marian buys a new mountain cabin. d. Vikki buys an old mansion with hopes of restoring it. e. Farmer Brown buys a used combine harvester.
An associate professor of physics gets a $200 a month raise. She figures that with her new monthly salary she can buy more goods and services than she could buy last year
a. Her real and nominal salary have risen. b. Her real and nominal salary have fallen. c. Her real salary has risen and her nominal salary has fallen. d. Her real salary has fallen and her nominal salary has risen.