Defenders of limits on economic growth are concerned that continued economic growth will eventually:
A. raise interest rates.
B. make plant and equipment obsolete.
C. exhaust natural resources.
D. reduce the rate of technological progress.
Answer: C
Economics
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If the demand for a steak is unit elastic, then
A) the percentage change in quantity demanded is 100 percent greater than the percentage change in price (in absolute value). B) quantity demanded does not respond to changes in price. C) the percentage change in quantity demanded is equal to the percentage change in price. D) the percentage change in quantity demanded is 1 percent greater than the percentage change in price.
Economics
Explain the difference between cardinal and ordinal utility. Which is better to use when modeling consumer behavior and why?
Please provide the best answer for the statement.
Economics