Multiple Choice
David has just ordered a smartphone only to be told that she will have to wait one month for it to be delivered. Which of the following statements is TRUE?
A) The smartphone is not a scarce good.
B) The smartphone is an economic good.
C) The smartphone is human capital.
D) The smartphone is an intangible good.
Correct Answer:
Verified
Correct Answer:
Verified
Q1: All points inside the production possibilities curve
Q2: Refer to the above figure. Production at
Q4: The law of increasing additional cost exists
Q5: Which type of resource will improve through
Q6: A production possibilities curve will shift outward
Q7: Technology<br>A) is constantly changing at every point
Q8: The production possibilities curve for two products
Q9: Refer to the above figure. A farmer
Q10: Opportunity cost exists because of<br>A) poverty.<br>B) scarcity.<br>C)
Q11: Opportunity cost is<br>A) the cost of producing