The distinction between supply and the quantity supplied is best made by saying that:
A. the quantity supplied is represented graphically by a curve and supply as a point on that curve.
B. the quantity supplied is in an inverse relation with prices, whereas supply is in a direct relation.
C. the quantity supplied is in a direct relation with prices, whereas supply is in an inverse relation.
D. supply is represented graphically by a curve and quantity supplied as a point on that curve.
Answer: D
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Use the following graphs of production possibilities curves to answer the next question.
Suppose the world economy is composed of just two countries: Italy and Greece. Each can produce steel or chemicals, but at the different levels of economic efficiency shown in the graphs. It can be deduced that
A. Greece has a comparative advantage in chemicals. B. it is more costly in terms of resources to produce steel in Italy. C. Greece has the absolute advantage in both products. D. Italy has a comparative advantage in chemicals.
The balance of trade is
A) the difference between exports and imports of goods and services. B) the difference between exports and imports of services. C) the summary record of a country's economic transactions with foreigners in a year. D) none of the above.
Which of the following explains the purpose of the R&E Credit?
a. Stimulating the private sector to invest in research and development b. Enhancing a firm’s ability to protect its research and development efforts c. Enabling a firm to manufacture and sell a new technology faster d. Protecting the intellectual property rights of domestic technology firms
Which of the following statements is true?
A. The calculated t statistic is valid and efficient in case of a spurious regression. B. If an explanatory variable or a dependent variable is integrated of the order one, the OLS estimators are asymptotically normally distributed. C. An error correction model can be used to study the short-run dynamics in the relationship between the dependent variable and the explanatory variables in a time series model. D. The Dickey-Fuller test can be used to test for heteroskedasticity in the error terms.