TRUE or FALE 26. If the demand curve for product J shifts to the left as the pri

Question

TRUE or FALE

26. If the demand curve for product J shifts to the left as the price of product K increases, then J and K are complementary goods.

27. All points on the production possibilities curve represent efficient levels of production.

28. One cause for the uneven standard of living throughout the world is the uneven distribution of resources.

29. If a nationa has an absolute advantage over another nation in the production of all commodities, it is not feasible to take advantage of the principle of comparative advantage.

30. If renting videos is an inferior good, demand for this service will rise when consumer income falls.

31. Other things being equal, a fall in the price of orange juice will decrease the quantity supplied.

32. A minimum wage which is established higer than the equilibrium wage will result in higer unemployment.

33. If the percentage change in the quantity demanded is greater than the percentage change in the price of a good, the demand for the good is elastic.

Explanation / Answer

T T F T F T T T

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