Growing rice requires extensive irrigation in California. Economists consider water to be a ________ for rice farmers in California.
A. need
B. inferior good
C. luxury
D. want
Answer: D
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Private and state universities are substitutes. Which of the following would tend to increase the demand for state universities?
A) A fall in private university tuition B) An increase in private university tuition C) An increase in interest rates on student loans (a complementary good) D) Higher dorm fees at state universities
Employers choose to offer efficiency wages because:
A. they give employees an incentive to work hard to keep their jobs. B. it will reduce turnover, saving the employer time and money to hire and train new workers. C. it has proven to make workers more productive. D. All of these are true.
A decrease in the quantity of resources available causes a movement down along a given PPF
Indicate whether the statement is true or false
Our money supply has _____ basic jobs to perform.
A. one B. two C. three D. four