Which statement is true?
a. There is some price at which quantity supplied of a product is negative
b. As product price decreases, producers are willing to put more of the good on the market for sale
c. To entice producers to offer more of a product on the market for sale, product price must rise
d. There is an inverse relationship between product price and quantity supplied
c. To entice producers to offer more of a product on the market for sale, product price must rise
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Which of the following statements is NOT true about Say's law?
A) Markets would be regularly hit by severe shortages and surpluses. B) People produce more goods than they want for their own use only if they seek to trade them for other goods. C) Desired expenditures will equal actual expenditures. D) Surpluses will be eliminated by falling prices and shortages will be eliminated by increasing prices.
The imposition of a binding price ceiling on a market often results in: a. an increase in investment in the industry
b. a surplus. c. a shortage. d. a decrease in discrimination on the part of sellers.
Recognition lag is the time it takes for policymakers to recognize the existence of an economic expansion or a recession
a. True b. False Indicate whether the statement is true or false
China’s rapid increase in the rate of productivity growth cannot be attributed to
A. a greater investment toward education than in consumer goods. B. initial innovation rather than imitation of technology. C. sending many Chinese students to universities in other countries. D. improvements in its educational system.