Giving up one alternative for another is called ____________ .
a. underutilization.
b. a trade-off.
c. human capital.
d. efficiency.
Ans: b. a trade-off.
Economics
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Normative statements i. describe how the world is. ii. describe how the world ought to be. iii. depend on people's values and cannot be tested
A) i only B) ii only C) iii only D) ii and iii E) i and iii
Economics
A technological improvement in the production of good X causes the:
a. demand curve for X to shift to the right. b. demand curve for X to shift to the left. c. supply curve for X to shift to the right. d. supply curve for X to shift to the left.
Economics