If the prices of the factors used to produce a good change, both the demand curve and the supply curve of the good will shift.
Answer the following statement true (T) or false (F)
False
A change in the costs of production will impact the supply curve only.
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When a baker exchanges a pie for dollars, this is an example of dollars serving as
A. a unit of account. B. a store of value. C. a medium of exchange. D. barter.
Increasing the growth rate of GDP per capita and sustaining this growth rate in an economy can
A) increase the level of poverty. B) lower life expectancy. C) increase infant mortality. D) increase standards of living.
When will an increase in aggregate demand not result in lower unemployment rates in the short run?
What will be an ideal response?
Which of the following is closest to the economist's definition of perfect competition?
a. the airline industry b. the soft drink industry c. the fishing industry d. cellular telephone service