In the 1980s, the United States on net ________ foreign nations so that its private firms could absorb through domestic investment ________ goods than what was being left for them by national saving
A) borrowed from, more
B) borrowed from, fewer
C) lent to, more
D) lent to, fewer
A
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The ________, the ________ is the quantity of real GDP supplied and the ________ is the quantity of real GDP demanded
A) lower the price level; greater; smaller B) lower aggregate demand; greater; smaller C) higher the price level; greater; smaller D) lower the supply of labor; greater; smaller E) greater the demand for labor; smaller; greater
Refer to Figure 2-8. What is the opportunity cost of one dozen orchids?
A) 0.4 dozen roses B) 2.5 dozen roses C) 7.25 dozen roses D) 16 dozen roses
Project Delay Prescott Labs is considering developing a defibrillator product. You know that will require extensive testing and possible modification before it can be launched. Still, you know that even if it is launched two years from now, the present
value of sales over the expected 10 year product lifecycle will cover these costs. But now the boys down at the lab tell you that it may not launch for three years. How does this affect your assessment of going ahead with funding the product?
Why is P3 below P2 instead of above it?
a. New producers enter the industry and supply expands, driving down price.
b. Increased demand for inputs causes input prices to rise and output prices to fall.
c. Quantity decreases overall but demand drops, driving down price.
d. Demand shifted too far right and could not be sustained, so it shifted left again.