In an increasing-cost industry, more supplies can be obtained by paying a higher price for them or by using ______.
a. more efficient resources
b. lower-quality resources
c. substitute resources
d. higher-quality resources.
b. lower-quality resources
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Why does the production possibilities frontier have a bowed out shape rather than being a straight line?
What will be an ideal response?
Katy has an ailing and wealthy, but miserly, parent. The parent has told Katy that if she takes care of him until he dies, then she will get $100,000 in inheritance
Katy knows that there is only a 50-50 chance that her father will leave her the full amount or nothing. To take care of her father, she has to take a job that pays $30,000 where her current job pays her $70,000 per year. If her father is expected to pass away in 1 year, what is Katy's expected wealth if she takes care of her father? A) $130,000 B) $90,000 C) $80,000 D) $70,000
Which of the following statements best describes the expected pattern of trade imbalances?
a. The expected pattern of trade imbalances in the world economy has been that low-income economies will run trade surpluses, while middle and high-income economies will run trade deficits. b. The expected pattern of trade imbalances in the world economy has been that low and middle-income economies will run trade surpluses, while high-income economies will run trade deficits. c. The expected pattern of trade imbalances in the world economy has been that high-income economies will run trade surpluses, while low- and middle-income economies will run trade deficits. d. The expected pattern of trade imbalances in the world economy has been that low and high-income economies will run trade surpluses, while middle-income economies will run trade deficits.
An increase in demand for laptop computers would likely be caused by
A. an increase in the price of a complementary good. B. an increase in the price of laptop computers. C. a decrease in the price of laptop computers. D. an increase in the price of a substitute good.