Is cutting down a tree in two hours with an ax more efficient than cutting it down in ten minutes with a gasoline-powered chain saw?
A) No, because time is valuable.
B) Yes, because hand tools conserve nonrenewable energy resources.
C) It could be, if the person cutting down the tree places a high enough value on the exercise.
D) There is no way to answer the question.
C
Economics
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To predict the effects of a tax cut on consumption spending, economists must have some estimate of the
a. income effect. b. substitution effect. c. relative price effect. d. marginal propensity to consume.
Economics
What would happen in the market for rice if its demand increased but the price was NOT allowed to change?
A) There would be a surplus of rice. B) There would be a shortage of rice. C) The supply of rice would increase. D) The supply of rice would decrease.
Economics