A good example of the government commandeering resources is
a. government subsidizing road construction
b. the Pharaohs building the pyramids
c. Bill Gates creating Windows 95 with a government issued patent
d. Thomas Edison inventing the light bulb
e. government taxing Disneyland
B
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The opportunity cost of current consumption differs for borrowers and savers only if the interest rate for savers differs from the interest rate for borrowers.
Answer the following statement true (T) or false (F)
If the demand for a good falls when income falls, then the good is called an inferior good
a. True b. False Indicate whether the statement is true or false
Which of the following shows a decrease in income in this graph?
a. Area f is larger than area e.
b. Area f is larger than area d.
c. Area d is larger than area f.
d. Area d is larger than area e.
Distinguish the laws of demand and supply. How are the laws of demand and supply illustrated graphically?
What will be an ideal response?