To examine a real-world issue, economists look at the real-world results to see how they differ from those of a free market
a. True
b. False
Indicate whether the statement is true or false
True
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Although finished goods are scarce, the inputs to produce them are not scarce.
Answer the following statement true (T) or false (F)
Tom is a castaway who washes up on a remote island. He can kill eight birds per hour or catch ten fish per day. The natives on the island can kill ten birds per day or catch twenty fish per day. The natives have a comparative advantage in: a. hunting birds
b. fishing. c. both hunting birds and fishing d. neither hunting birds or fishing.
The unemployment rate for married men is usually higher than the rate for teenagers
a. True b. False Indicate whether the statement is true or false
According to Say's law,
A) if there is demand for a good, someone will supply it. B) production creates demand sufficient to purchase all goods and services produced. C) supply and demand work together to determine price. D) trading takes longer in a barter economy than in a money economy. E) none of the above