Land, water, metals, and minerals are considered to be
a. non-scarce resources because they are "gifts of nature"
b. free resources because they are "gifts of nature"
c. manufactured resources because no resource is useable without labor
d. natural resources that are "gifts of nature"
e. renewable resources that are "gifts of nature"
D
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At the break-even point for the consumption function
A) saving is positive. B) saving is zero. C) saving is negative. D) the marginal propensity to consume equals l.
Which of the following statements is true of a monopolist?
a. It can raise price without losing sales, since there are no competitors. b. At a given price, it can sell all of the output that it can produce. c. It is able to choose a price & output combination to the right of its demand schedule. d. At a given price it can sell only one particular output level.