Pumpkins are grown in New Mexico with the aid of fertilizer. Hence, fertilizer is a partial answer to which of the three economic question?
What will be an ideal response?
Fertilizer is used to help produce the pumpkins, so it is a partial answer to the "How are goods and services produced?" question.
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Carefully explain some of the similar problems faced by otherwise diverse countries in Africa, Asia, and Latin America
What will be an ideal response?
Today, in the United States, imports are over
A) 17 percent of GDP. B) 1 percent of GDP. C) 8 percent of GDP. D) 4 percent of GDP.
Which of the following would increase the supply of laptop computers?
a. Higher wage rates for the workers that produce laptop computers. b. A technological improvement that lowers the cost of producing laptop computers. c. An increase in the price of computer chips used to produce laptop computers. d. All of these.
Which of the following statements is true? a. A firm that has monopoly power is a price maker
b. A firm that has monopoly power is a price taker. c. A firm that has monopoly power earns exorbitant profits. d. A firm that has monopoly power has a perfectly elastic demand curve. e. A firm that has monopoly power has a perfectly inelastic demand curve.