One reason for increasing costs industries is that as an industry grows, it drives up the prices of inputs.
Answer the following statement true (T) or false (F)
True
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Economic growth depends on
A) low tax rates. B) high government spending. C) high rates of consumption. D) increases in the capital stock as a result of saving.
Which of the following must be true if good X is a normal good and income increases?
A. The demand for X will increase, and thus the price and quantity sold and bought will decrease. B. The demand for X will decrease, and thus the price and quantity sold and bought will decrease. C. The demand for X will increase, and thus the price and quantity sold and bought will increase. D. The demand for X will decrease, and thus the price and quantity sold and bought will increase.
As the price of a product falls, the demand for the product increases, ceteris paribus.
Answer the following statement true (T) or false (F)
If the United States were to pass legislation that would make it easier for people to emigrate to the United States, this would cause
A. the short-run aggregate supply curve to shift to the left. B. the short-run aggregate supply curve to become flatter. C. the short-run aggregate supply curve to become nearly vertical at all levels of output. D. the short-run aggregate supply curve to shift to the right.