The price system is based on the law of __________________.
Fill in the blank(s) with the appropriate word(s).
supply and demand
You might also like to view...
In a small country, using prices of 2012, GDP in 2012 was $100 and GDP in 2013 was $110. Using prices of 2013, GDP in 2012 was $200 and GDP in 2013 was $210
The country's BEA will calculate ________ percent as the growth in real GDP between those years. A) 7.5 B) 15 C) 10 D) 5 E) None of the above answers is correct.
A multinational organization dedicated to providing financial and technical assistance to developing countries is called the:
A. World Bank. B. United Nations Development Plan. C. International Monetary Organization. D. World Trade Organization.
In the short run, a perfectly competitive firm _____
a. cannot change its costs of production if it buys its inputs from a perfectly competitive market b. can increase the value of its unique product by increasing its advertisement expenditure c. can decrease the price of a good in order to increase its share in the market d. cannot choose to produce the quantity it wants
In conducting their research, economists face an obstacle that not all scientists face; specifically, in economics, it is often impractical to
a. make use of theory and observation. b. rely upon the scientific method. c. conduct laboratory experiments. d. find articles or books that were written before 1900.