For the tragedy of the commons to occur, property rights must be clearly defined and enforced
Indicate whether the statement is true or false
FALSE
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The ratio of the percentage change in quantity demanded to the percentage change in income is known as the cross elasticity of demand.
Answer the following statement true (T) or false (F)
We calculate many different kinds of price indexes:
A. in order to capture a complete picture of how price changes are affecting the economy. B. to see how the prices of different groups of goods are changing. C. to measure how different groups of people in the economy are being affected by changing prices. D. All of these statements are true.
How does an increase in taxes affect the expenditure schedule?
a. It causes movement to the left along the schedule. b. It causes the schedule to shift upward. c. It causes movement to the right along the schedule. d. It causes the schedule to shift downward.
Use the following table to calculate the unemployment rate. Select the correct answer from the options below. In millionsCivilian population270People incapable of working70People not looking for work60Employed workers133
A. 3 percent B. 7 percent C. 5 percent D. 9 percent