1.Price elasticity of demand is a measure of the responsiveness of the change in quantity demanded to a change in price.

True or False

2.Ceteris paribus, if the price of roofing shingles increases, we would expect an increase in the supply of roofing shingles.

True or False

3.Price "floors" get their name from the fact that they represent a minimum price below which the legal price cannot fall.

True or False

4.If Tanya gives up a job in which she earns $34 000 per year in order to go to college full-time, her forgone income is part of the opportunity cost of going to college.

True or False

5.Human capital consists of computers, tools, and equipment owned by private individuals.

True or False

6.An entrepreneur organizes the other factors of production and bears the business risk.

True or False

7.High-wage countries like Canada tend to use less labour-intensive production methods than low-wage countries like China.

True or False

8.An increase in wages will increase the supply of all goods.

True or False