GoodPrice Increase Last YearAmusement park tickets5.0%Bowling balls4.2%Camouflage neckties3.1% Refer to Table 8.1, which gives hypothetical data on price changes for three goods. Which good(s) became relatively more expensive for buyers?
A. All three goods became relatively more expensive.
B. None of the goods became relatively more expensive.
C. Only amusement park tickets became relatively more expensive.
D. It depends on the overall rate of inflation in the economy.
Answer: D
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A) This situation illustrates increasing opportunity cost. B) As a result, we should specialize in the production of DVD players. C) The production possibilities frontier for computers and DVD players is a straight line. D) DVD players will be more highly regarded by consumers than computers.
The supply curve of low-skilled labor is upward sloping because those workers know that government will protect them with minimum wage legislation
Indicate whether the statement is true or false
Why do firms ignore external costs when they pollute?
What will be an ideal response?
Scarcity is
A. a situation in which the resources required to produce the goods and services that people desire are insufficient to satisfy all wants. B. a shortage of goods and services. C. poverty and misery. D. a situation in which the resources for producing the goods and services that people desire are sufficient to satisfy people's desires.