Since 1960, the percentage of the population with a college degree has increased from ________ to ________.
A. less than 10%; near 35%
B. near 40%; near 50%
C. around 20%; near 85%
D. less than 2%; near 50%
Answer: A
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Damage from floods and hurricanes which destroy a large portion of this year's crop of oranges will definitely make oranges more price inelastic in supply
Indicate whether the statement is true or false
Which of the following is an example of a production function with fixed proportions?
A) putting orange juice into cartons B) mowing lawns C) cutting hair D) teaching economics
As a consequence of the condition of scarcity:
a. There is never enough of anything b. Things which are plentiful have relatively high prices c. Production has to be planned by government d. Individuals have to make choices from among alternatives
If a can of soda costs $1.00 today, how much would it cost next month if the prices go up by 50 percent in one month?
A. $1.50 B. $0.50 C. $150.00 D. $2.50