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Answer to Question #125792 in Economics of Enterprise for Aaa
Question #125792
-Oil is considered to be a non-renewable energy source. Oil is:
a. An unlimited resource.
b. A scarce resource.
c. Not a productive resource.
d. A resource with no opportunity cost.
- Economists are particularly good at understanding that people respond to
a.Laws.
b.Incentives.
c.Punishments more than rewards.
d.Rewards more than punishments.
a. An unlimited resource.
b. A scarce resource.
c. Not a productive resource.
d. A resource with no opportunity cost.
- Economists are particularly good at understanding that people respond to
a.Laws.
b.Incentives.
c.Punishments more than rewards.
d.Rewards more than punishments.
Expert's answer
b) A scarce resource.
b) Incentives
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Q1: Anna’s income increases and as a result, she buys more pizzas. Is pizza an inferior or a normal good? What happens to Anna’s demand curve for pizza? Q2 : Explain how absolute advantage and comparative advantage differ.
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