Which would cause an increase in the supply of a product at a given price?
a. An increase in the costs of producing a substitute product
b. A reduction in the cost of resources to produce the product
c. An increase in the costs of producing a complementary product
d. An increase in the price of the product
b. A reduction in the cost of resources to produce the product
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The fastest-growing part of the federal budget is
A) national defense. B) payments for services rendered. C) entitlements. D) government salaries.
Differentiate between norms and focal points
Ceteris paribus, if the market demand for a product increases, then equilibrium quantity will (be) ____ and equilibrium price will (be) ____
a. increase; indeterminate b. decrease; decrease c. indeterminate; decrease d. increase; increase
GDP expressed in constant, or unchanging, prices is called -
a. net national product b. real GDP c. price level d. nominal GDP