A major argument for economic growth is that it: B
What will be an ideal response?
leads to a higher standard of living.
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What is the inflation rate using base year 1?
A) 10%. B) 15%. C) 20%. D) 25%.
An example of an opportunity cost is the time you forgo to eat a "free lunch."
a. True b. False Indicate whether the statement is true or false
Ceteris paribus, if a 4% increase in price leads to a 6% increase in the quantity supplied, then: a. supply is elastic
b. supply is unit elastic. c. supply is inelastic. d. the supply curve is perfectly vertical.
Holding the nonprice determinants of demand constant, a change in price would
a. result in either a decrease in demand or an increase in demand. b. result in a movement along a stationary demand curve. c. result in a shift of supply. d. have no effect on the quantity demanded.