All developed countries achieve their status as a result of large supplies of natural resources
a. True
b. False
B
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Working efficiently, Jordan can write 3 essays and outline 4 chapters each week. It must be true that:
A. 6 essays and 0 chapter outlines would be unattainable. B. 3 essays and 5 chapter outlines would be unattainable. C. 2 essays and 3 chapter outlines would be efficient. D. 4 essays and 3 chapter outlines would be both attainable and efficient.
A decreasing-cost industry is one in which:
A. contraction of the industry will decrease unit costs. B. input prices fall or technology improves as the industry expands. C. the long-run supply curve is perfectly elastic. D. the long-run supply curve is upsloping.
What happens as the result of a shortage?
A) There is downward pressure on prices. B) There is upward pressure on prices. C) Consumers begin to view the good as an inferior good because they have a hard time finding it. D) Supply of the good decreases.
An increase in supply, other things being equal, will cause which of the following to occur?
A) quantity supplied to decrease. B) quantity demanded to increase. C) a rightward shift in the demand curve as the price falls. D) a leftward shift in the demand curves as the price increases.