Because resources are scarce, individuals are required to
A) make choices among alternatives.
B) improve production but not distribution.
C) improve distribution but not production.
D) use resources inefficiently.
E) sacrifice production but not consumption.
Ans: A) make choices among alternatives.
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A newspaper headline asserts: "Rising demand pulls up copper prices." The headline
A) is claiming demand determines price (rather than price determining demand). B) is claiming more copper would be demanded at higher prices. C) is claiming prices will fluctuate indefinitely. D) is guilty of all three errors mentioned above. E) makes perfectly good sense from the standpoint of economic theory.
Icy Treats is a large Italian ice dessert chain with franchises located throughout the United States. Icy Treats' advertising ________ promote the benefits of eating Icy Treats' icees and ________ highlight an individual Icy Treats location in Asheville, North Carolina.
A) will; will not B) will not; will not C) will not; will D) will; will
A firm that is earning zero economic profit should go out of business.
Answer the following statement true (T) or false (F)
If your income goes up by 2% and, in response, the quantity demanded of good x rises by 3%, the income elasticity of demand would be:
a. 1.5 b. 6 c. 3 d. .20