The demand for labor is:
A. derived from the demand for the products it is used to produce.
B. determined by the demand for consumer products.
C. determined by the price of consumer products.
D. All of these
Answer: D
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The price elasticity of demand for purses is measured in what units?
A) dollars B) purses C) dollars per purse D) The price elasticity of demand is a unitless measure.
Max has allocated $100 toward meats for his barbecue. His budget line and an indifference map are shown in the above figure. What happens if Max receives a $100 cash grant to buy either meat or chicken?
A) Max will double his consumption of both meats. B) Max will spend it all on burger. Because of its lower price, he can buy more of it. C) Max will take advantage of the gift by buying all chicken because it is the more expensive meat. D) There is not enough information to answer the question.
Economics is a study of how
a. people interact with each other in social situations b. too many goods and services can make people unhappy c. to make resources infinite d. we allocate our resources to satisfy our wants e. to satisfy all of our wants as a society
The manner in which a nation's economy reacts when the measured factors are changed affects almost every individual.
Answer the following statement true (T) or false (F)