When the demand for a country's exports increases, its export function _____
a. shifts upward
b. shifts downward
c. rotates upward
d. rotates downward
a
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Workers earn more than half of the income generated by the production process.
Answer the following statement true (T) or false (F)
Starting from long-run equilibrium, a decrease in autonomous investment results in ________ output in the short run and ________ output in the long run.
A. lower; potential B. higher; higher C. higher; potential D. lower; higher
The analysis of oligopolistic behavior is difficult because
A. there are few real-world examples of oligopolies for economists to study. B. oligopolists make decisions independently of each other. C. firms in oligopolistic industries react to each other’s behavior in many ways. D. economists have paid little attention to the topic in recent years and so have not yet applied to it the techniques of modern economic theory.
Mark can produce 24 footballs or 48 basketballs in 8 hours. Maria can produce 64 basketballs in 8 hours. In order for Maria to have a comparative advantage producing basketballs, the number of footballs she can produce in 8 hours has to be less than _____
Fill in the blank(s) with correct word