If a good is not produced, then there is no demand for it
Indicate whether the statement is true or false
False. The demand for a product is independent of its supply. It is possible that people want to buy some of the product but at prices that are below what sellers would require to begin production.
You might also like to view...
Let's assume producers in Canada can make 200 units of beef or 50 units of oranges, and U.S. producers can make 50 units of beef or 200 units of oranges per time period. Therefore
A) U.S. producers have a comparative advantage in oranges. B) Canadian producers have a comparative advantage in beef. C) both countries could gain through specialization and exchange. D) all of the above are true. E) none of the above is true.
Empirical evidence suggests that: a. technological change leads to higher unemployment rates
b. the unemployment rate in the U.S. in the late 1990s was lower than that in the 1970s. c. the unemployment rate in the U.S. in the late 1990s was higher than that in the 1970s. d. changes in the growth rate of population lead to higher unemployment rates. e. increase in government regulation leads to higher unemployment rates.
The development of new technology typically:
a. shifts the supply curve to the right. b. reduces profits. c. results in a downward movement along a supply curve. d. increases costs of production. e. shifts the demand curve to the right.
An expansionary fiscal policy can:
(a) Raise the national debt; (b) Decrease the national debt; (c) Have no effect on national debt; (d) None of above.