Economic theory suggests that if natural resources can be held as private property, then
A) conservation will be nonexistent.
B) owners will have an incentive not to abuse them.
C) natural resources will be sold off for immediate use.
D) people will simply hold them and refuse to make them available.
B
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Due to a "baby bust" in the 1960s and 1970s, fewer people entered the labor market in the 1980s and 1990s
This demographic event ________ the natural unemployment rate thereby shifting the short-run Phillips curve ________ and shifting the long-run Phillips curve ________. A) increased; leftward; rightward B) decreased; rightward; rightward C) decreased; leftward; leftward D) increased; rightward; rightward E) increased; rightward; leftward
If a $1 increase in price leads to a $1 decrease in total revenue, then demand must be elastic
Indicate whether the statement is true or false