Whether a good is a luxury or necessity depends on the
a. price of the good.
b. preferences of the buyer.
c. intrinsic properties of the good.
d. scarcity of the good.
b
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If cash is deposited into a checking account, the supply of money increases
Indicate whether the statement is true or false
All the following nations except ________ have recently utilized export-led growth policies
A) Hong Kong B) South Korea C) Argentina D) Singapore E) Taiwan
The difference between short-run and long-run cost is that in the short run,
a. there are shortages of labor that can restrict output b. only labor can be changed to increase or decrease production c. fixed factors of production have already been chosen d. the market-day supply limits the amount by which producers can change production e. all factors of production are variable
According to cost-benefit analysis, where safety is concerned
A) it is possible to not be safe enough. B) it is possible to be too safe. C) it is possible to be just safe enough. D) All of the above are possible.