The paradox of value is illustrated by the fact that
A) a pound of bread is cheaper than a pound of gold.
B) teens buy designer jeans.
C) if diamonds were free they would no longer be useful for engagement rings.
D) gold and diamonds occupy little space.
A
You might also like to view...
For a given level of
A) nominal GNP, changes in interest rates cause movements along the L(R,Y) schedule. B) real GNP, changes in interest rates cause a decrease of the L(R,Y) schedule. C) real GNP, changes in interest rates cause an increase of the L(R,Y) schedule. D) nominal GNP, changes in interest rates cause an increase in the L(R,Y) schedule. E) real GNP, changes in interest rates cause movements along the L(R,Y) schedule.
Suppose that a technological advancement substantially reduces the cost of laser eye surgery. This would cause the equilibrium:
A. price of technology to increase. B. quantity of technology to decrease. C. quantity of laser eye surgery to increase. D. quantity of laser eye surgery to decrease.