Because personal tastes differ, what are substitutes for one person need not be substitutes for another person
a. True
b. False
Indicate whether the statement is true or false
True
You might also like to view...
Property rights are useful in predicting behavior when we define ownership of a resource as
A) a moral claim to a particular resource. B) legal title to the resource. C) physical possession of the resource. D) the ability to appropriate the benefits from use of a resource.
A higher bond price indicates a lower cost of new external funds
Indicate whether the statement is true or false
Comparative advantage is defined as
A) the ability to produce more output of one good relative to another good than another country can. B) the ability to produce more output from given inputs of resources than others can. C) the ability to use more input of resources than others can. D) having a lower average fixed cost in the production of a good than does someone else.
As the aggregate price level in an economy rises, ______.
a. interest rates increase b. consumer demand increases c. exports decrease d. investment increases