Refer to Scenario 1 . What is the economic significance of 25 fish captured and 25 crabs captured?
What will be an ideal response?
The economic significance of capturing 25 fish and 50 crabs is that the harvest would be inside the production possibilities frontier, which suggests some resource unemployment. That resource unemployment could be land, labor or capital. It could also be the result of an inefficient use of resources.
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The financial system is important because it helps to match one person's _____ with another person's _____
Fill in the blank(s) with correct word
We would expect the cross elasticity of demand for Pepsi to be greater in relation to other soft drinks than that for soft drinks in general because:
A. soft drinks are normal goods. B. the income effect always exceeds the substitution effect. C. there are fewer good substitutes for soft drinks as a whole than for Pepsi specifically. D. there are more good substitutes for soft drinks as a whole than for Pepsi specifically.