Answer T/F

When consumer purchases of a good are highly responsive to changes in the price of that good, the demand for is said to be relatively price inelastic.

Three factors of supply that could each cause the supply curve for Napa county wine to shift to the left include a drought in Napa county, higher wages for Napa county grape pickers, and lower prices for Napa county wine.

Private property rights give owners a strong incentive to ignore the wishes of others, when deciding how to use their own property.

If "Net Exports" in the United States are positive, this means U.S. consumers spent more on foreign-made goods than foreign consumers spent on U.S.-made goods during the accounting period.

As a general rule, technological progress shifts the production possibilities curve outward, away from the origin.

When consumer purchases of a good are highly responsive to changes in the price of that good, the demand for is said to be relatively price elastic.

As a general rule, technological progress shifts the production possibilities curve inward, back towards the origin.

According to the law of supply, as the price of a good increases, sellers will produce more of the good.

All economies must make decisions about what to produce, how to produce it, and to whom the goods produced will be distributed