To calculate market supply, we
A. Find the difference between the quantity supplied and the quantity demanded at each price.
B. Add the quantities supplied for each individual supply schedule horizontally.
C. Add the quantities supplied for each individual supply schedule vertically.
D. Find the average quantity supplied at each price.
Answer: B
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Classical growth theory predicts
A) a slowdown in population growth over time. B) sustained increases in economic growth in the long run. C) sustained increases in the standard of living in the long run. D) real GDP per person will remain at the subsistence level over time. E) the population growth rate slows as real GDP per person rises.
Saving
A) slows growth because it decreases consumption. B) finances investment which brings capital accumulation. C) has no impact on economic growth. D) is very low in most East Asian nations. E) is important for a country to gain the benefits of international trade.
Refer to Table 4-3. The table above lists the marginal cost of cowboy hats by The Waco Kid, a firm that specializes in producing western wear. If the price of cowboy hats increases from $38 to $46
A) there will be a surplus of cowboy hats. B) producer surplus will rise from $22 to $46. C) consumers will buy no cowboy hats. D) the marginal cost of producing the third cowboy hat will increase to $46.
How do unlimited and limited liability differ?
What will be an ideal response?