Specialization and international trade allows a nation to:
A. Produce a combination of goods that is beyond (or outside) its production possibilities
B. Consume a combination of goods that is beyond (or outside) its production possibilities
C. Have an upward-sloping production possibilities curve
D. Consume a lot of goods without having to produce any output
Answer: B
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In the United States, calculation of gross domestic product is conducted by the ________
A) Council of Economic Advisors B) Bureau of Economic Analysis C) Census bureau D) Chief Financial Officer's Council
Consumers value the product-specific services for a new smartphone at $30 and the marginal cost to the retailers for providing the product-specific services is $40. From the manufacturer's perspective, a resale price maintenance agreement ________ be successful as it will ________ the equilibrium quantity sold.
A) will not; decrease B) will; increase C) will not; increase D) will; decrease
If a shortage exists in a market then: a. the price is below equilibrium
b. the quantity demanded exceeds the quantity supplied. c. the price will rise in the near future. d. all of the above.
If the cost of producing a good rises for sellers, then how will this affect the market equilibrium for that good?
a. Price will rise and quantity will fall. b. Price and quantity will both rise. c. Price and quantity will both fall. d. Price will fall and quantity will rise.