The availability of substitutes makes the demand for a good less elastic
a. True
b. False
B
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Whenever the economy is producing the maximum amount of goods given the level of technology and the amount of resources
A) the number of resources used should be decreased since society must protect its scarce resources. B) the concept of opportunity costs does not exist. C) more goods will be available than customers want to buy. D) the economy is producing efficiently.
The years between 1896 and World War I were characterized by:
a. rapidly rising prices in the U.S. b. wild fluctuations in international exchange rates. c. the "heyday" of the gold standard in the U.S. and most industrialized countries. d. barriers that prevented the flow of goods and capital across international borders. e. All of the above.
"If an individual is to maximize the utility received from consumption, he or she should spend all available income. . . ." This statement assumes:
a. that saving is impossible. b. that the individual is not satiated in any one good. c. that no goods are "inferior." d. that every good has a positive marginal utility.
In a centrally-planned economy, economic activity is guided by ______
Fill in the blank(s) with correct word