If consumers spend a small proportion of their income on a good, the demand curve for the good will be:
a. elastic

Refer to the scenario above. The opportunity cost of producing one pound of apples in Beta is:

A) 1/2 pounds of oranges. B) 15 pounds of oranges. C) 10 pounds of oranges. D) 2 pounds of oranges.

Property rights are social facts because

A) they are created and enforced by government. B) they are widely distributed throughout society. C) they depend upon other people's acceptance of corresponding obligations. D) they must be held in common to be effective.