Most studies of mineral abundance have assumed that
a. Resources are relatively smoothly distributed in the earth's crust
b. Resources are unevenly distributed in the earth's crust
c. Resource prices will continue to rise in the near future
d. Economically recoverable reserves will decrease in the near future
e. The economic supply of resources will remain fixed
Ans: a. Resources are relatively smoothly distributed in the earth's crust
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Two countries, Blue Violet and Sweet Pansy, produce only two goods: teapots and coffeepots. The table above gives their production possibilities
A) Blue Violet has a comparative advantage in teapots. B) Sweet Pansy has a comparative advantage in teapots. C) Both have a comparative advantage in teapots. D) Sweet Pansy has an absolute advantage in teapots.
The income elasticity of demand for health care is generally less than 1, indicating consumers consider these services to be luxuries
Indicate whether the statement is true or false