"Because resources are scarce, the production of more capital goods means that fewer resources are available to produce consumption goods, so there is less current consumption." Do you agree or disagree? Explain
What will be an ideal response?
Agree. Capital goods are goods that are used to produce other goods rather than for the sake of current consumption. The resources used to make capital goods are not available to produce current consumption goods, so there is less current consumption.
Economics
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The above table describes the accounts for the country of Pacifica. Using this information, net exports for Pacifica equals
A) $100. B) $900. C) -$100. D) $650.
Economics
Refer to Table 2-19. What is Wilma's opportunity cost of making a statue?
A) 3 benches B) 1/3 of a bench C) 6/7 of a statue D) 1/2 of a bench
Economics