All human wants cannot be satisfied because of the problem of scarcity
a. True
b. False
Indicate whether the statement is true or false
True
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Peg's Manicure Manor did 4,000 sets of nails in 2015 and 4,500 sets of nails in 2016. The price of a set of nails was $20 in 2015 and $22 in 2016. If 2015 is the base year, Peg's contribution to nominal GDP in 2015 was ________ and to real GDP in 2015 was ________.
A. $80,000; $80,000 B. $80,000; $88,000 C. $88,000; $90,000 D. $80,000; $99,000
Product-specific services are valuable to complex ________ goods that consumers purchase ________.
A) experience; infrequently B) inspection; frequently C) experience; frequently D) inspection; infrequently
Production possibilities frontiers curve when they are charted on a graph because they show:
a) the underutilization of resources b) the maximum output of goods and services c) the increasing costs resulting in increasingly less output d) the technological level of the economy's productivity
Minimum wage laws tend to make the price level more flexible rather than less flexible.
Answer the following statement true (T) or false (F)